MAC Clause

You just cant pull out of deals because you have 2nd thoughts!

Same thing is going to happen with the Anglo coal assets. Anglo will also get another boost as they are going to plug higher LT coal prices in models now (and the stars aligning with the IEA coming back with scenarios of longer coal demand). When they try to scew you and it works to your advantage!!

However, when it comes to the Chinese I once experienced them submitting a binding bid – coming back after Confirmatory DD without adverse findings and then wanting to cut bid price…

…what do you do? Some parties can get away with it…but you do need those idiosyncratic circumstances! China EXECUTES STRATEGY – and it is all about “self-sustainability” – I know someone currently doing an official tour of a province with 100m people – from agric to mining or how they project capital into other countries – it serves this purpose.

And remember this “litigation is expensive” – not just moneywise but emotionally and physically – and it takes your focus away…

…dont do business when you doubt that the person cant simply shake on it – because bad characters are just that…

NB: Appian sold the assets this year also…