PTQ is saying Inmet is withholding material information. Yes Inmet would like to have access to the land PTQ has first rights to but Inmet is also on record as saying they don't need PTQs concessions. Perhaps they have an alternative plan to run at a reduced rate or such. I don't know. Yes they are on record as saying that they would like access to PTQ concession because it is critical to their current plan but they have also said they do not absolutely need it. Their filing is consistent with their position.
Also it is not Inmet's job to point out the value of PTQ. That's PTQ's job. That value should be proven but presenting an alternative offer that provides shareholders more value.
Sure requests to overturn poison pills may not be that common but when they do occur, most of the cases seem to favor overriding the poison pill and allowing the shareholders to vote on the offer. That's the over-riding principle the courts look at.
No doubt Inmet is playing hardball by keeping the pressure on but eventually the shareholder will have to be able to vote on the offer. Perhaps PTQ will be able to get a ruling that says Inmet has not allowed sufficient time for alternative to be found. But I find it strange that PTQ did not argue this point themselves.
Anyways, all PTQ has to do is get the debt financing PP in place and the offer is dead. Seems like a pretty straight forward way for PTQ to protect itself from Inmet's hostile takeover offer.
If both sides continue playing hardballl, it looks to me like mining in Panama gets delayed for a while.
JFF7
It's better to be out wishing you were in than in wishing you were out.
"Markets can remain irrational longer than you can remain solvent". - John Maynard Keynes
