Wyloo actually doesn't have to do anything unless and until BHP get the 50.1% majority of sales within the 105 days. If they are unsuccessful, their offer dies. From the comments on this board it certainly indicates that a majority of retail shareholders are not, at least now, going to sell. Arguably any other potential interested third party would look at it the same way. Could there be another offer...absolutely
As far as the government is concerned, why would they put up any money now when their is no resolution and if there is a private entity with ample financial resources to fund a mine development why would they. Doubt that they really want to or should own a future potential mine operation. The funding suggested would be for infrastructure tied to FN economic development and perhaps loan guarantees to support an equity position in the mine by FNs. The government will retain the right to approve the sale in any event and then would look to protect Canadian interests.
Wyloo is still in the catbird seat as it holds over 37% of Noront shares. They aren't going anywhere. Is it feasable that they may end up partnering with BHP when all is said and done...absolutely. Is it feasable that as we get closer to the end of the 105 days that BHP sweetens the offer.....absolutely.
Am looking forward to seeing the offer letter and explanation/justification for Noront accepting this offer and whether the valuation report will actually be released (although in the information bulletin it did state that they got a verbal opinion from the valuation compnay who indicated BHP was a value offer so not sure there is anything new there) Waiting also to hear from the FNs who WILL have a say in this transaction.
Unclear how this will all end up. Essentially this is a mining claims purchase exercise. BHP, knowing that Wyloo held a substantial owenership in Noront, seems to indicate their will be a entity left, perhaps Nooront BHP, if their offer is accepted(which may mean shareholders) while Wyloo wants it all and to privatize it. Preference would be to remain a shareholder going forward. Good luck to all
