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Hey Jerry, “Monopsony,” that’s got to be the word of the day.
Another one to remember for when I watch Countdown 🤔
Evening Jerry, sorry for the late reply but it is a Saturday night, and I’ve just got back from dinner and a couple of drinks.
My take on whether any new owners would be obligated to take on any previous agreements with a third party is as follows.
The answer is – it depends!
It depends on the type of sale that has or will take place.
For example, if the company is sold via a “share sale” (I.e., the shares are bought by the new owners), the company remains the same and doesn’t change. It’s still the same legal entity that signed your contract, regardless of the share sale, which means that the contract would continue and remain in force.
If the sale is what’s known as an “asset sale”, then the buyer would only be taking over the assets, which can include contracts.
In an asset sale, the contracts could be taken over by the new owner, but to do so, you’d need to enter into an assignment agreement to assign the rights and obligations to the new owner.
In an asset sale, depending on what’s been agreed, there’s no obligation in the new buyer to take on any existing contracts.
If the new owner of the assets doesn’t take on your contract, the original company you contracted with would have to terminate your agreement if they no longer required your services.
It’s worth checking the agreement for any clauses related to “assignment” or “change of control” or “termination” to see what the terms state and follow the procedure that’s set out – for example, whether your consent is required, what the notice periods might be or if any assignment needs to be done in writing.
I will try and find out more on the subject, as my wife’s cousin is one of the partners in one of the top lawyers in London, who specialise in corporate & business law.
If anyone knows, it’ll be him.
ATB
Mark I hope your correct, but going off what SD has stated regarding the negotiation of the JV by the former board, left a lot to be desired.
Let’s just hope there’s no loophole in the small print, and hopefully all those T’s & I’s were crossed & dotted.
SAB, I agree, but the way some here are talking, it’s up for grabs to a number of parties who are willing to open up their cheque book.
There is a fly in the ointment with all this talk of whom is to purchase Telfer. The problem I can foresee if someone other than GGP do get their hands on Telfer, would be the 10% tolling charge that even SD agreed was a fantastic result negotiated by the former team, would surely become null & void.
So the last thing GGP needs is for a new owner to suddenly say “Cost’s plus 10%, your having a laugh, 25% and we’ll consider it”.
Well we definitely don’t want to be going down that road. So it’s now upto SD and the team to put their money were their mouths have been for the last three years, and buy back that farm.
Over to you Shaun !
Hi Rellim, £74 return from Mcr Mcr Piccadilly to Fenchurch Street 12:35 - 15:30
Fenchurch Street to Mcr Piccadilly 20:45 - 11:48
Rellim, just coz you live in the NW, that’s no excuse. £80 return on the train, as I’ve already checked.
Oh and don’t forget our potential MD also turning up.
Freddie have you booked your rail ticket yet ? As I’m sure you’ll give Shaun a few pointers as to how you would of done things !
I think a lot of posters must’ve been on the sauce last night.
Who the hell are Biwas, Wayloo & Newmount.
And as for Hyperion, well what can you say about that apart from, a few smelling salts may be in order this morning.
C’mon Fellas give your head a wobble
🤔🧐😂
Just thought I’d repost this link from September’s Q & A at the focus IR/LSE Event.
It’s well worth a visit back to this video, just to listen once again what Shaun had to say regarding Havieron/Telfer, and the timing of the Havieron ore coming on line.
Enjoy
https://youtu.be/jDvz_IPOChg?si=eadPpWqvotQrJXF0
I’m afraid so Red, 15th Jan 2018 to be exact. Time fly’s when you’re having fun ! So they say
Ponie, I think you need to do a bit more revision, because I can categorically inform you that it was not 2019 when Newmont turned to GGP and said “Not at this time”.
At that particular time, it was when Newcrest announced their JV with GGP for a stake in Havieron.
Not going to give you a hard time over it, but please reference yourself correctly to avoid confusion.
ATB
123Gold, just what were you expecting would happen in the three years since the start of the decline ?
Your full of yourself by stating the bleeding obvious, but come on, put finger to keyboard and explain to us all, just what you would of done differently.
Waiting in anticipation of your reply !
Afternoon Ham, regarding the badger problem, tell her to get a new razor 😂
Hi Bamps, I think they will be able to walk away, so long as whoever buys Telfer has in place, all regularity authorisations agreed with the WA govt to take upon themselves the cost for decommissioning at a future date yet unknown.
Obviously by taking on that burden, it would affect what the buyer would pay to Newmont.
On the two huge ball mills, having dealt with commercial plant and machinery, they too aren’t worth much at all.
Yes brand new ones will cost a small fortune, but ones that are probably 50 years old, and have seen the work they have seen, even with the best maintenance & upgrades in the world, you’d be lucky to get 10p in the £1 for them.
Just ask yourself, who is going to buy them, when they are located in the middle of nowhere and would cost a fortune to disassemble and truck to wherever. Unless it was only travelling 45km, it would be classed as uneconomical.
Like I’ve said, I have bought machines worth well in excess of a £100k when new for under £10k. And it’s not as though their are lots of buyers out there for an enormous mill like that at Telfer.
To put it in context, it’s like saying who’s going to buy the processing plant at Tata Steel in Port Talbot when it closes.
Nobody, it’ll go to scrap.
Forgot the B for Billion.
Hi Bamps, yes I knew what he was suggesting, but surely when they’ve estimated a $1B dollar clean up bill, and we all know what estimates do ! I just think to myself why pay anything.
If we do take it on, we immediately have to allocate that $1B into our liability column on the spreadsheet.
Like SD said, even if he only paid $1 for it, in effect, we’d be paying $1.00000001 for it.
StuWoo, why would you give 2% away for something that isn’t worth anything.
Telfer comes with a huge decommissioning costs.
Please explain your reasoning !
Old Shaun Day bought the farm
Ee i ee i o
And on this farm he had some friends
Ee i ee i oh
With a Wyloo here
And a Wyloo there
Here a loo, there a loo
Everywhere a Wyloo
Old Shaun Day bought the farm
Ee i ee i o
Old Shaun Day bought the farm
Ee i ee i o
And on this farm he had some ducks
Ee i ee i o
With a quack-quack here
And a quack-quack there
Here a quack, there a quack
Everywhere a quack-quack
Old Shaun Day bought the farm
Ee i ee i o
Old Shaun Day bought the farm
Ee i ee i o
And on this farm he had some banks
Ee i ee i o
With a bank-bank here
And a bank-bank there
Here a bank, there a bank
Everywhere a bank-bank
Old Shaun Day bought the farm
Ee i ee i o
Old Shaun Day bought the farm
Ee i ee i o
And on this farm he found some gold
Ee i ee i o
With gold-gold here
And gold-gold there
Here’s the gold, there’s the gold
Everywhere there’s blumming gold
Ee i ee i Ooooo
And don’t forget the Copper
Mibb, I’m sure in time Havieron will be a Tier 1 mine.
Maybe not right now, as the existing decline is just not suitable for extracting the amount of ore to achieve the magic 500,000 oz per annum Newmont want.