Ann: Half Year Results, page-37

And you too pb! You said it first!
Regards this, I now have to disclose that when you said -in your first post on this thread- how in the report they answered everything you wanted to know, and how excellent it was, I figured you were all over the FAL agreement point, which is why I liked it ‘as well’ .
I only noticed it because just before the report was published you mentioned your sense of unknowing about FAL ....so when you then said you were impressed by how comprehensive the report was I wanted to know what they had said about it.
You get the credit for sharing your first thoughts so quickly (to the delight of those of us less savvy!)


I am thinking of the ‘ FAL-based’ price dramas we had in 2018 :
(First price fall coincided with sinkholes and TBM’s being grounded for many weeks, the second, as said before was reported in the media to be due to the one year extension and insurance concerns,)
I am feeling NRW management would likely have mentioned the cap agreement earlier if it had existed at either of those price crisis points but it hasn’t been mentioned, not even here in the (price sensitive) “Response to Media Reports on FAL Project” on 19 December.

Regardless of when the agreement was agreed to, the above chart illustrates how NRW might be considered to have been impeded in 2018 due to FAL .
I wonder where we might now be priced if the ‘weight of the anchor had been known during these periods.
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And I agree with Citigroup - a price of $2.52 is conservative ( that’s a gut feel agreement seeing as I am not good with numbers .

And thank you
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