Here is my take on today's NR. Firstly, I think it is good news that CUU and Teck are still in negotiations. To me, it means we will end up with a fair price because what CUU is asking and what Teck is willing to pay, is not that far apart, thus, they are still trying to find a compromise. If the spread was too far apart, I would think Teck would have "giggled" and told us to tale a hike.
Secondly, IMO, they are working on a 100% buyout. My gut tells me that if it was a buy-in scenario, they wouldn't take this long to conclude the deal.
Most importantly, I hope the NR today, gave each one of us the assurance and peace of mind, that Teck HAD acepted the BFS, with or without the Feasibility Notice.
a) Today's news release was approved by Teck.
b) Both Teck and CUU, have accepted the Delivery date to be February 4, 2013. I'm sure both parties have agreed, long ago, that 120 days would be June 4, 2013. Thus, today's NR knowing the official due date was June 4th midnight, which means we received the NR immediately. (A few hours later). June 5, 2013.
c) If Teck did not approve the delivery of the BFS, why would they allow us to publicly state, that we are in negotiations?
I do have one problem, however, and that is because there is no end date. In my opinion, the extension of time would be maximum 15 days, maybe sooner. IMO, leaving an open ended date in an Agreement, is like writing a blank check.
I'll call the office in the next few days to ask for guestimation... 1 week, 2 weeks, months? Will advise.
GLTA
