Ann: Finalisation of New Michelin Joint Venture Agreement, page-5

EDF sold their claim to Deutsche Bank. In the announcement of 28/5/18 it is stated that DB on sold PART of that claim to a group called the "EDF claimants". PDN was then forced to give up 50% of Michelin to the EDF claimants, euphemistically calling this a "joint venture". PDN have not made much mention of the fact that DB itself still retains a claim on Michelin. EDF's original security was 60% of Michelin so maybe DB has the remaining 10%. Basically PDN has lost Michelin as a major saleable asset and may control only 40% of Michelin. CNNC own 25% of LH mine and remains a loose canon, having initially stalled the original restructuring of PDN and caused uncertainty even during the DOCA process. Presumably CNNC are still in a position to impose the trigger option for purchase of all of LH mine should PDN become insolvent again. The leaky contracts set up by PDN with CNNC and EDF allowed the latter to escape any future commitment to receive and pay a higher than current market price for uranium. Hopefully EDF are totally gone, as it was EDF who put PDN into insolvency and administration. Borshoff probably had to make the contract with EDF weighted highly in their favour in order to get them to pay the $200M up front.