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Clearly in denial. Oh well, it's your money.
DShox, you seem a little hard of thinking so I shall break this down for you…
The Mozambique Supreme Court has ultimate jurisdiction on the ownership of assets located in Mozambique. English law is irrelevant, this is why even PFP accept that the only legal course of action remaining is to appeal to the Mozambique Supreme Court.
The original agreement didn’t even specify English law. This was the bone of contention that, if you had bothered to do any research, you would have known. The original agreement was not even written by a professional legal team. It was written by an ex director of PFP. He forgot to specify the jurisdiction. PFP argued that English Law was implied, the Maputo Commercial Court disagreed, hence PFP referred their case to Mozambique Supreme Court. The Moz Supreme Court have now made their ruling.
You say the agreement is supported by ‘international law’. Do you have any idea what ‘international law’ actually means. This statement is so idiotic I don’t even know where to begin.
Finally you ask “Which international mining company will invest the vast dollars and technical expertise into developing this project…”. Well, there’s a simple answer to this; a Chinese company who have a ready market back in China and have the money to pay THE LEGAL OWNER of the licence.
Your dumb posts have clogged up this board for the last couple of months. You know nothing of the history of this company but it doesn’t stop you spouting nonsense. Perhaps if you were prepared to listen to those that have a proper understanding you would save yourself some losses.
Out of interest, does anyone have any examples of Chinese government backed companies rejecting UK law court decisions?
The people who suffer are the citizens of Mozambique. And yet those same citizens are expected to treat the General as a national hero.
It's very convenient for the Chinese that they should acquire their stake just a matter of weeks before the Supreme Court ruling. A suspicious person may believe that they had prior knowledge of the ruling. If the Chinese wanted reassurance that the ruling would go in their favour then surely they would also have sought reassurance from Veloso that he would also play ball after the ruling was made. It makes me think how much of the General's recent change of heart has been a clever act to distract PFP from what was going on in the background.
I learnt a valuable lesson from when I was a PFP share holder years ago and it's a lesson I'm sure some on this board are beginning to learn; NEVER INVEST IN AFRICA.
It wouldn't be a great idea for Mozambique to completely screw a UK company and likely put off other international investors in future - perhaps they are helping the General get a better deal by rejecting the last appeal. The UK government have also pledged various monies to Mozambique of late so this kind of action would threaten future (perhaps current) support I would think. I'm sure they'll 'benefit' somehow as well outside the usual parameters of the project getting off the ground. Not great news of course but I'm still happy to wait this out as I see a profitable outcome ahead regardless.
There no reason to think the general wont go a deal because of this , PFP won’t appeal but will probably make this know to the interested party’s that if a deal isn’t done then they WILL appeal and hold everything up once again. The Chinese could have done a deal with the general even before this result so there’s no change there, I think PFP are on dodgy ground now and have less of a hand to play with...I think we could see around 3-4p as a buy out rather than the 7p I know Align want 7p but we may have to take what we get offered or go back to the courts. I’m not sure how a legal ‘yes’ in the uk applies to Chinese law but i suspect it means nothing, the Moz gov could pull the plug on the licence and sell direct to the Chinese thus leaving PFP and the General with nothing....I suspect we won’t have to wait long to see this one play out we are almost at the end game now
The General will now get a very good price from the Chinese. He has established that he is the legal owner of the remaining 50%. The Chinese will be only too happy to take it off his hands. They do not care one bit for English law. They have more than enough domestic demand in China and they can always point to the Moz Supreme Court ruling as their justification.
PFP could appeal but they wont. It would be throwing good money after bad. PFP will take the pittance from their recent fund raise and buy some distressed asset with a hit or miss chance of making a return.
What's in it for GV now to do a deal with PFP plc? - can he be trusted to do this, as opposed to just selling out to the Chinese like DC did?
Thoughts, anyone?