WAF valuation, page-127

Yeah,the futures are very important markets but unfortunately when the powers that be decide to create as many paper contracts as they like to neutralize demand then the futures markets are in the wrong hands.

 I've certainly enlightened myself significantly because if a take over was coming then the "offtaker" was the key. As the offtake is part of the debt package then it is much less likely that this thing will be taken over.Doesn't mean it won't be.

If there is a poison pill ( depending on how the  contract is worded ) it is of my making.

Richard mentioned that the "agreed quotation period" would be to try and smooth out the price level.A time period wasn't given.

 I probably should have asked about the statement that " the company retains a right to buy back the offtake at any time on agreed terms"

I find this statement a bit disturbing. If there is a takeover then it looks like everything could be "cleaned up" very conveniently so maybe there isn't a "poison pill."

 All speculation and "pie in the sky"

The bottom line here is this thing is dirt cheap and I am a buyer.