re: Ann: ORI: Gas Supply Agreement with Strik... Can someone kindly tell me at what stage of this project Orica have to put their hand into their pocket?
We've read that they can contribute $47m
"up to $47.5m by way of elective prepayments for gas that align with project
development milestones; and up to $5m in shares."
What exactly is an elective repayment? They can elect to prepay or they may elect not to is my reading of this, but I might be misreading things?
And who wouldn't like this option...
"acquire an additional $2.5 million worth of shares to be determined with reference to the higher of $0.12 per share and the 10 day VWAP immediately prior to the exercise date discounted by 10%. Orica may elect to exercise this option following three months of production testing from the first phase of the PPTP."
A 10% discount to SP after flows of gas have been established (if it flows at all) and cheap gas to boot if it does. I can't help thinking Orica are on the winning side of these deals.
Thanks for the answers in advance.
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