RE: Shaun day16 Mar 2022 11:14
21 December RNS: "Newcrest has issued a notice to Greatland informing it that Newcrest would like to begin the process under the joint venture agreement to seek to agree the option exercise price in the period to mid-February 2022.
Under the joint venture agreement, if the option exercise price cannot be agreed by this date, each party is thereafter required to notify the other of its assessment of fair market value. If both parties' assessments are within 10% of each other, the option exercise price will be the average of those assessments. If both parties' assessments are not within 10% of each other, the parties will proceed to independent expert determination, with the expert being required to determine which of the values nominated by the parties is to be the fair market value.
Following agreement or determination of the fair market value option exercise price, Newcrest has 30 business days to exercise its option to acquire the additional 5% interest. Proceeds from the exercise will first be used to repay the outstanding balance under the existing Newcrest loan facility".
17 Feb RNS: "In parallel, and further to its update on 21 December 2021, the Company has continued discussions with Newcrest regarding the potential exercise of Newcrest's option to acquire an additional 5% interest in the Havieron JV from Greatland. An update will be provided as and when appropriate".
Still negotiating then. I imagine SD's MRE update has taken negotiations to another level which Newcrest were not expecting.
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