I'm sure Teck has the right to match any offer.

Teck doesn't have any contractual rights to match any offers if they are given for CUU as a whole. Someone could work around the FROO clause by simply buying the company out instead of our share in SC.

Copper Fox has the First Right of Offer for selling SC, which means when we are ready to sell we make an offer to Teck. Teck then has 60 days, or whatever, to decide whether to accept the offer. If they don't like the terms they can turn it down and we can then attempt to sell to the market and if we find a buyer then Teck has no right to intervene--in other words Teck could try and outbid them but can't force our hand.

The FROO does not mean that we have to find another buyer before we approach Teck. No company in their right mind is going to do DD on SC if all they're doing is setting up a price for Teck. That's why we only approach others after Teck makes their decision.

If we find a buyer after Teck has turned down the FROO, but the terms are not as good as we offered Teck, then we have to go back and make the same offer to them first. We have to get it right and that's why we're waiting on optimization to set the best value and most reasonable value.

I don't think our share price matters at all in terms of what Teck is willing to pay, especially if they are sitting on the optimization studies. They can simply release them when the deal is announced. I do think it might be illegal for anyone, including Ernesto, to try and manipulate the share price in order to get a better buy.