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Why would “the market” be aware? It wasn’t in an RNS so I suspect it wouldn’t come to anyone’s attention (other than those here who are pretty entrenched and/or already up to their eyeballs).
Update pretty much what expected. No rockets but share price underpinned, 2020 looking bright. And the return of Natdan. What gifts!
Merry Christmas to all on here. I suspect all over here until 2020 (bar for some bickering and Tosh making a few jokes about pulling a Christmas cracker). See you all in the next decade.
I think we are largely agreed.
I think the issue is that the contract is fundamentally different to the kind of express written contract that everyone wants to see and hence why everyone gets het up at the mention of a contract already being in existence.
Roll on next week for implied contracts to cease having any relevance!
Oops I appear to have opened a can of worms.
Jimzi, I read back your post about implied contracts. I think everyone is arguing about different things.
(a) What is or isn’t implied will be a question of Ghanaian law, not the law of any draft unsigned contract. Again, I apologise if you are a Ghanaian law expert.
(b) Even if English law applied (it won’t) one would need to look at all of the circumstances to decide what is implied. You’re right that the draft contract will be relevant but it won’t be the only thing the court would look at. I assume that there has been some discussion between the parties where it has been agreed that WSG will continue on a temporary basis until a contract is signed (rather than a classic “battle of the forms”) so that will be relevant to any implied termination provisions. This is probably what Foxy means by “conditional”. It almost certainly has a bearing on term/compensation and none of us are privy to those discussions.
(c) Even if the law implies a contract, it won’t imply a 10/15 year term akin to the wording of the draft unsigned contract. It just won’t. As I said before, at best it implies a short termination period and some compensation provision. It won’t give grounds to require specific performance. Nor will it give rise to multi-million dollar compensation. The law may mean that we’re not left out of pocket but I’m not convinced that is what investors are here for!
Anyway, I’m not trying to pick a fight and hopefully this will all be moot as of next week. Have a nice weekend all.
Jimzi, I’m no expert on the Ghanaian law of implied contracts so I’m happy to be corrected but while statute might imply some limited termination notice periods/compensation (akin to EU law on commercial agency), I’m guessing it is not going to imply a 10/15 year term so implied contract or no, we’re vulnerable until its signed.
Remain confident that signing is coming and appreciate that logistically/commercially difficult to ditch us, but I’m not sure the law offers us substantial protection if all we have is something implied.
...great thing about this RNS is that it confirms that MPS/GPHA agreement is all that we’re waiting for. No other blockages. Once they’ve signed their agreement then ours is signed. Could be any day between now and Christmas. Ho ho ho.