Ann: Annual Report 2018, page-135

For what it's worth I don't think matters one little bit whether WPL have Gov approval or not. If (when) FAR win the PE case then they will have the opportunity to PE the 35% (if the numbers stack up). If they do then they get it, Gov approval of WPL or not. It will just be extracted from the holding company that WPL are operating through. The JOA dispute can't be ignored like some don't actually say but seem to suggest.

While I'm hear I might as well what I suspect happened way back at the start of all this, which ties in neatly with CN's comments about buying a company without seeing what's inside. I think that the one pager gave the price that WPL were paying for the company and FAR were told they could buy it for the same price. The extra info FAR were seeking was probably what liabilities and assets the company had, or, what value was but the Senegal leases. I don't they actually wanted to buy the company. And this is where COP said sorry that's commercial in confidence as they didn't want to allow FAR an easy path.

I think this is as good as any theory going around and fits the facts as we know them, including the you can't PE a company statements.

But you can PE the asset.