Trying to understand why locals in Korea are referencing February 28, 2013 as a key date. That is the
one year anniversary of the original n/r announcement of the strategic agreement between Woulfe and IMC. February 25, 2012 is the likely date the interim strategic agreement was signed (given the one year anniversary of February 25, 2013 being the date the $5M loan is to be repaid to IMC according to financial statement notes).
I am suspecting that February 25, 2013 date also might be triggering other events in the strategic agreement such as the ending of the agreement if it is not finalized or extended by that date. Naturally, if the Woulfe/IMC deal is close to being settled, the February 25th date could easily be extended by the parties and we will never know some of these details.
My guess is the strategic agreement likely contains some pretty restrictive non-disclosure terms against Woulfe being able to communicate with or negotiate with other potential parties. When the deal was originally signed, IMC was in the stronger bargaining position, and I bet the fine print had all kinds of interim non-competition restrictions placed in it. I am wondering if IMC is the one now feeling the heat with regards to getting something done before February 25th so as to avoid the possibility of Woulfe finally having a way around non-competition restrictions. This heat was significantly increased with the arrival of Ned Goodman as a Woulfe Director and with the recent Woulfe debentures which allows Woulfe to easily repay the $5M loan before February 25th if needed. IMC wants this deal long-term, and now the heat is on for them to make something happen short-term, or else run the risk of losing what they want long term.
None of this answers why Korean locals are referencing February 28th as opposed to February 25th. I suspect it is February 28th simply because it is an emotionally charged date being attached to the one year anniversary of the original n/r and people are naturally upset that a year has now passed without construction starting on the plant. Given how all of this is coming to a head around February 25th, I bet we do get some meaningful N/R before the end of February.