Snowy... how often do you see "binding" or non binding HoA never eventuate?
Binding / non binding it all depends on the exact wording of the HoA. So potentially "binding" means very little.
Re: "Twists and turns over the last 12 months makes one wonder what on earth these guys are really up to."
I don't think that AYB know? They have been on the 5 farms for well over a year now! From memory under Landau's (ICBC Capital P/L) guidance they wanted $50m now it is down to $33m (plus equity)
So after >12 months they still have not finalized any of the 5 farms? Although the implication is that they will complete the deal(s)
The following, is from the milk for Fiji ann. 15-July-2016
In my opinion does not actually say it is being completed.
"With the complete execution of it's dairy complex (5 farms)" ((then X could happen))
The following from the GM ann. 10-June-2016
AYB is taking steps to proceed with 2 farms and AYB is seeking approval to proceed with 2 farms.
It then goes on to say "if AYB later decides to proceed to acquire the remaining three farms. Then a couple of paragraphs later they go on to say "The company is currently in the process of finalizing it's debt financing arrangements to fund the acquisition of all 5 farms"
This is pretty basic stuff and shouldn't be that hard to get right, at the very least be consistent, maybe the AYB person who monitors HC could clarify?
