How much do we give 'em, page-3

Hi all,

Looks like my earlier post of the proposed timetable was pretty much smack on.....

You do not need board approval for an off-take / long lead items are waiting on DFS.

So you can remove those 2 possibilities in isolation straight away.

3 possibilities (just highest likelihood outcomes):

1. Off-take + Prepayment - every other player received this. Variables are price / term / how much of a prepayment.

2. Off-take + Prepayment + Equity Holding (/JV) - The tricky part here is say if it was Tianqi Lithium + ALB they have to hold less than 20% in total or they will trigger takeover provisions. There is no way ASIC would see them as independent so their combined holding would be counted towards the 20%.

3. Off-take + Prepayment + Equity Holding (/JV) - Tianqi Lithium + ALB they have to hold more than 20% in total or they will trigger takeover provisions - however their intention is not a takeover but still have to make an offer to all shareholders.

My view is the release is worded towards #2.

Could be someone new and not ALB or Tianqi Lithium - however if they get control of PLS they control the global lithium price.

The auditor change makes sense for 2 or 3 as they would want a new independent group to review and sign off.

The 2 weeks in China makes sense for this type of deal (assuming ALB was agreed prior to trip).

The reason for the delay now will be because each companies board of directors will need to meet and sign off. Even though everyone at management level and the appointed board member for the transaction would have agreed.

Again just guess..... based on doing deals in China for last 9 years and being the right hand man to a Chinese billionaire for a lot of it....

Cheers,
Super Ninja