I think it was a coordinated approach. J & R wouldn't have wanted to show their hand until Altura mgt finally called them out to either make an offer to reach the benchmark value or don't make an offer at all. In the end J&R couldn't raise the funds required to reach an acceptable benchmark offer and had to make a full disclosure to market. At the very least it shows interested parties circling lithium companies- watch this space IMO. You can be guaranteed that other companies are watching from sidelines. J&R plan was good but execution poor- other wealthier companies would have no problem in executing this deal. I think J&R are in a more difficult place now as they haven't been able to lock down their supply chain and are at greater risk of being taken themselves. Their share price is quite low by historical standards. My prediction is that J&R will be taken over/consolidated with larger entity and larger entity makes a play for Altura - probably around Dec.
AJM Price at posting:
27.5¢ Sentiment: Buy Disclosure: Held
