We paid towards the drilling and MRE!21 Feb 2022 20:09
I have always been a bit surprised that we were never given more up-to-date results and that we were forced to rely on very old estimates while the share price plummeted around us.
If my memory serves, NCM required us to pay 50 Million towards the cost of the drilling, exploration, etc etc. They duly lent us the money to pay the costs. If those results went towards the production of the MRE2, then surely we have a right to see them! I suppose that NCM could say that we will see them when we repay the loan but what was in the agreement?
If we aren't allowed to use the latest information in our calculation of FMV, we must stress that in (any) arbitration process and warn that we will not accept the result and will move to court. I doubt very much that any contract can exclude legal process. NCM would be unlikely to want any adverse publicity and delay.
We should also warn any arbitrator(s) likely to be appointed, of possible consequences to their reputation - or resulting damages - should they accept the role without all of the existing information.
GLA and stay calm!