Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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"Actually I'm not, the only mechanism available is to challenge the sale on the financial capability of the intended purchaser, "
Correct.
The only possible fly in the ointment is what the JOA provisions are for agreeing further expenditure - if UJO have a veto it would stop a buyer coming in , deciding to drill all the wells at WN at once and sending "David" a cash call for £ 20 mm. Since the JOA has never been published AFAIK we don't know.
"If you actually think that any partner can just off load at will, you are very likely wrong"
Actually I'm not, the only mechanism available is to challenge the sale on the financial capability of the intended purchaser, which requires the seller to inform the other JV partners of the intended purchaser and the price and/or items of any sale once terms are agreed. but perhaps to put your mind at rest perhaps just ask the company, and see how/if they answer,
Does any partner in the JV require permission (or approval) from the others to explore a potential sale or actually sell their interest in WN?
"first sniff of good news."
Mr Investment ....like that free flowing RNS at Wressle? How did that work out?
S740
Pre-emption rights in UK JVs ended years ago.
How did Humber sell its interest in West Newton to Reabold without UJO agreement? There is nothing in the Reabold RNS about requiring JV permission , just OGA permission.
If Reabold/Rathin is selling, I see no reason to stop them , and Reabold is a declared "investor" on oil and gas assets, not an oil and gas company. It all explains why there is no EWT in the pipeline anymore; waste of cash.
This might be DB's pension plan, and like the last train to San Fernando, he might have to take it and run.
So much for building a mid tier oilco. Take the spike when the RNS comes IMO
RNST you state several "FACTs", unfortunately I can't find where the West Newton JV agreement has been published, perhaps you could point it out. All eventualities of who can sell what to whom and what % of holdings are needed to make an agreement binding on all partners will be covered in this. If you actually think that any partner can just off load at will, you are very likely wrong, but without sight of the agreement none of us know for sure.
If RBD really want UJO out of the picture the surest way is a successful hostile bid. Trust in DB to repel any such action, he can certainly rely on my support.
I personally don't believe it DB aint stupid he will wait until things play out and get maximum value for the UJO share. He is not stupid when it comes to his own interests.
Absolute nonsense. If anyone believes for one single moment DB would sit idly by as their share is willingly purchased for a pittance on a Monday only to be sold the following Monday for a fortune, then you need a check-up from the neck-up.
Conspiracy rubbish..
Its all just made up Bllx.
Rathlin/RBD cannot buy UJO's interest without their agreement - FACT
Rathlin/RBD can if they wish sell their interest to whomever they like without UJO's approval - FACT
Likewise UJO can sell their interest without RBD/Rathlins approval - FACT
They could all agree to sell together - FACT
So if Rathlin/RBD are talking to someone else about a potential sale, they do not need to inform UJO. - FACT
Neither side can insist on being involved in any discussions that either side may be having - FACT
Its all bunch of conspiratory guff....
I understand that the allegation is that RBD have already got an offer for WN presumably from a major and they are trying to purchase UJOs share of the project before announcing the offer on the table.
If they are breaking no laws they are entitled to try to do it. I hold both atm.
So what did he say?
Pretty strong words on Twitter towards reabold from brokerman, if true it’s pretty sneaky of our joint partners, I always thought they might try to marginalise UJO ,hopefully BMD has got it wrong GLA