01-31-2014, 12:31 AM
"The purpose of the last Presser was let all know it will all close by the end of March"
The purpose of the PR was to let all know that the plan is still to try and close by the end of 1Q14 per the presentation, management's comments since that presentation and yesterday's PR. But for those wanting to pin dates to the wall they should instead be looking at 2 further down the road and filed with the SEC as part of the SPA:
1. "6 months from the signing" of the SPA; defined as the "Cut-off Date", meaning June 6, 2014. This is when the appropriate share of of PRL 15 must be transferred to Total; a condition of closing. And if they get to June 6th and the transfer hasn't taken place (among other things), they will then decide together whether any roadblocks can be cleared to be able for the transfer to take place. If not, the SPA can be terminated, or they can agree on a new date (ie "move the goal posts").
2. "12 months" after the date of signing the SPA; December 6, 2014. The parties to the agreement recognize that "game conditions" can and do change (often beyond their control) and have another set of goal posts on a longer field that extends to December 6, 2014. These goal posts are probably not as much on wheels as others to this point. But they aren't set in concrete 100' deep either (how dare them!!). That clause, 2.5 (d) actually has the wording "or such later date as the parties may agree in writing"!!!
Stop the madness! Or just set your sights according to the SPA and realize that certain "game" conditions, rules, players, weather and guys in zebra stripes just could cause things to go into 12 or more overtimes. But they still are playing the game with hopes of just playing the game within regulation. If you have tickets to this "game" you know it could be ended at half-time if all agree, but you may have to decide to leave after regulation, or any overtime. Or "Heidi" could suddenly pop up and change everything.
The purpose of the PR was to let all know that the plan is still to try and close by the end of 1Q14 per the presentation, management's comments since that presentation and yesterday's PR. But for those wanting to pin dates to the wall they should instead be looking at 2 further down the road and filed with the SEC as part of the SPA:
1. "6 months from the signing" of the SPA; defined as the "Cut-off Date", meaning June 6, 2014. This is when the appropriate share of of PRL 15 must be transferred to Total; a condition of closing. And if they get to June 6th and the transfer hasn't taken place (among other things), they will then decide together whether any roadblocks can be cleared to be able for the transfer to take place. If not, the SPA can be terminated, or they can agree on a new date (ie "move the goal posts").
2. "12 months" after the date of signing the SPA; December 6, 2014. The parties to the agreement recognize that "game conditions" can and do change (often beyond their control) and have another set of goal posts on a longer field that extends to December 6, 2014. These goal posts are probably not as much on wheels as others to this point. But they aren't set in concrete 100' deep either (how dare them!!). That clause, 2.5 (d) actually has the wording "or such later date as the parties may agree in writing"!!!
Stop the madness! Or just set your sights according to the SPA and realize that certain "game" conditions, rules, players, weather and guys in zebra stripes just could cause things to go into 12 or more overtimes. But they still are playing the game with hopes of just playing the game within regulation. If you have tickets to this "game" you know it could be ended at half-time if all agree, but you may have to decide to leave after regulation, or any overtime. Or "Heidi" could suddenly pop up and change everything.