Ann: Cockatoo Island Joint Venture, page-8

And there she blows

The Wise stopping PLV to operate, been on the card since the 16/4/14, these guys play a hard game.

Going to need a lot of cash to get out of this one "The matter is in the hands of the company’s solicitors."

From 16/4/14 announcement:

If the Sale Agreement is not entered in to or completed within 180 days of the Letter Agreement:

 any amounts paid by Pluton of WEG’s behalf (as outlined above) will not be payable by WEG but
will be deducted from WEG’s share of the sale of Joint Venture product;

 Pluton will resign as Manager of the Joint venture on notice from WEG and the parties will
negotiate in good faith to appoint a new Manager; and

 WEG may give notice ceasing operations at the Project and the parties must work together in
good faith to find a solution to operate the Joint Venture.

PLV has to work with Wise now.

CK