Mou is a formal agreement to make a partnership. Loi is an agreement on a draft contract following contract talks completing. Big difference, in this case wsg said contract talks are largely complete.
4 months isnt years.... its 4 months .....
This is a £35million per annum contract, contracts a fraction of that size normally take months to arrange. A complex airport contract that has goverments involved and bank finace isnt going to happen as quickly as others..
You either believe or you dont. Plenty whiners do believe but just like a moan, others want the price down as they want in cheaper and some are just naysayers and a wait gives them some ammo for their various agendas.
Two projects - two updates. Both big projects. Both involve Governments. Both (perhaps) involve JV's.
Accordingly, arrangements are currently being made for high level meetings to hopefully finalise the security services contract and the Company is working with UK Governmental bodies and other institutions to deal with related financing issues whilst Westminster's business development team continues to progress negotiations of the long term multi-million pound incremental requirement for related services at all international airports within the country.
In July 2016, the Company and a SEP delegation led by SEP Chairman Mr Wang Yundan held key meetings in Mozambique with the Minister of Mineral Resources and Energy ("MIREME") and representatives of EDM. The objective of the visit was to provide an update on the progress of the Power Project as well as the future plans and timing for development, financing, construction and operation of the plant. During the meetings with EDM, the Company and SEP also submitted an updated feasibility study and financial model for the Power Project to EDM which included key inputs from SEP as well as the change to Pulverised Coal ("PC") boiler technology.
During the Mozambique visit, the Company and SEP also signed the non-binding Shareholders Agreement Term Sheet relating to the UAE holding company for the Power Project. Since July, we have been working to complete the long form Shareholders Agreement with SEP which is at an advanced stage.
The key next steps to complete the SEP Investment Conditions include the completion of the historical cost audit by SEP, finalisation of the transaction documents including the Shareholders Agreement and finalisation of SEP's legal due diligence, including reconfirming with the Government of Mozambique the basis on which the Power Project is to be approved. Ncondezi and SEP are aiming to complete these during Q4 2016 with SPIC and Chinese government approvals to follow with Financial Close targeted for H2 2017. The Company will continue to provide further updates to shareholders as appropriate.
....You'll note the outrageous absence of etiquette in NCCL's update. Fancy omitting to politely hedge - with "hopefully"...
Fortuitous indeed ,but timed to perfection. In keeping with your football theme you might say it came in Fergie time ........... (o:
We all know delays are part of life at WSG - most are conditioned accordingly - everything gets delayed and it's almost never our fault ......or I suppose you could look at it from another point of view and say some are delayed , others are announced prematurely - EA & Ferry spring to mind .....
The early ME momentum does seem to have waned, our MOU was signed in March , the LOI in May , negotiations largely complete by the end of July and remainder being treated as a matter of urgency , 2 month window in-between each milestone , another 2 months takes us to the end of September so it's fair to say what ever is was that was urgent is less urgent this morning ...... update shortly ? I wonder - "hopefully " yes (o: I hope I'm wrong but I can't help but feel our LOI is starting to get a whiff of the targets about it ...........
That analogy didn't intend to suggest that an Loi conferred any greater certainty than an MoU. Merely that the Loi followed very quickly after the MoU and great weight was made of it. Encouraging and refreshing. 'Certainly seemed to suggest the client was keen. Encouraging and refreshing. What addition detail it carries is anyone's guess. The timing was fortuitous though.
Since then we've been thru "announcement", "last few issues", "urgency", and "hopefully finalise".
They are my blindfold, gaffer tape, upside down and suspense.. 'Should just need to keep it under the bar and between the posts. I don't care if our man needs to lay down and put it in with a snooker cue, as long as one of them gets over the line - in my lifetime...
The delays seem, to me at least, to have been generated trying to either a) get this approved by UK Gov' - or b) putting the finance together... or both.
"Hopefully", did you see what I did there, we'll have had some 'material progress' as a result of this October's meeting(s)... and get a meaningful update..
I would be most grateful if anyone who knows what he or she is talking about , explain the difference between an LOI & MOU .... and go on to advise if a well worded MOU would trump a poorly worded LOI and vice versa .......I've trawled the tinternet and have read many explanations but as far as I can see you can't put a fag paper between the two .......many thanks in advance (o:
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