GREY:OLEPF - Post by User
Comment by
maya123caon Jun 16, 2013 12:42pm
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Post# 21530438
RE: RE: "Priority return" Bendon mentioned for OLE
RE: RE: "Priority return" Bendon mentioned for OLE Tony: Mr. Darwish is simply saying that the offer is worth less than half of the amount that OLE has contributed to the JV. In effect he is negotiating in public. His use of "priority return" is confusing and irrelevant. Here is a comment from the May 29 financial statement that may help clarify the situation with respect to Badr.
" For accounting purposes, no recognition of Badr's interest in the equity of OJVG will be made until the commencement of production and the repayment of capital and accrued interest to Bendon and SHL and prior to that point each of Bendon and SHL are ascribed a 50% interest in the equity of OJVG."
Since it is unlikely that OLE will have any interest in the JV when the property goes into production, you can eliminate Badr from your considerations.