At the end of the day some company will likely do a deal for the...

At the end of the day some company will likely do a deal for the central Tanami mine.

From what I can see in summary,

All Tanami has to do to meet all obligations with both contenders, is to put a vote to share holders Re MetalsX Y/N.

I.E Clause 8) MetalsX

"8 The agreement is conditional on third party consents and regulatory approvals."



If there is a "No" vote from share holders

They can then can then terminate the MetalsX deal and meet the obligation to terminate the MetalsX deal with NST.

The NST deal has also left room for a superior offer, to cancel it. Should MetalsX over bid.

But there is a problem in that the major share holder of Tanami owns
at least 46.37% shares. (probably more)

http://www.alliedgroup.com.hk/eng/global/majorsubsi.htm

and The owner Mr Lee is related to MetalsX through his son, according to the Australian news paper. So I assume that he Mr Lee is on the side of MetalsX.

The family also have the money to purchase 4% more shares, to guarantee a MetalsX vote victory.

Has Allied and Sun Hung Kai declared how these entities related to Mr Lee intends to vote?

This is the key to the situation being resolved.

Is there a maximum foreign ownership level that may have been breeched in owning to much of an Australian company?

This may invoke the regulatory approval in clause 8. Regardless of share holder approval.

"8 The agreement is conditional on third party consents and regulatory approvals."

Plus Aboriginal native title holders not giving "consent" to MetalsX, could bring into effect clause 8. regardless of share holder approval.

The same clauses are in the NST, deal so if the vote goes to MetalsX by way of the family ties, lesser deal but no legal recourse.

If Allied and related entities vote for the MetalsX deal - then in my books any other companies world wide involved with any other Allied associated loans should take head as to how this company rolls and steer clear.

Make a loan
Buy a seat on the board
make high cash burn decision's like running Coyote at cost
Make more loans, gain more equity
so on and so on...
gain control

Then sell to a related party, even though the deal is not the best, as far as I can see.

I guess it comes down to what is more important to Allied and its related entities, reputation in the world market and with all of the companies who may be thinking of or dealing with Allied Group or to still sell out regardless.

At the end of the day some company will likely do a deal for the central Tanami mine.

It would be interesting to see how the board voted and came to these two deals.

I used to have a lot of Tanami share now hold very few.

The danger for all parties here is for this to drag on. A simple superior offer negates this contract clause in the MetalsX agreement, would have saved a lot of grief here.

What is the difference between a document called an agreement and contract?