Ann: Sale of Mt Marion equity for A$104M and retention of Offtake, page-37

PREDICTIONS FOR 2019

Pay 10cps special dividend leaving about $70m in cash ( this dividend might be higher as its the last big payout opportunity for directors and easier than trying to sell shares)

 The Reed s pick up about $6m

The performance shares that have been issued are all granted ( Subject to board approval / shareholder vote because they have done such a great job in handling the Mt Marion asset and should be rewarded !!) and become eligible for the upcoming dividend as the business is no longer comparable to any of the indicated comparator companies in the lithium space or the vanadium space (they will go ahead with the demerger-bet this is announced soon).Subject to terms and conditions of the granting of performance shares of course.

Stock price fills the gap in the chart at 15c ex dividend and trades @12 -13 c

They decide not to proceed with the LiOH plant as they cant raise the money for such a small scale project(  8000 tonnes per year)

Becomes a cash box /lifestyle company costing about $15-20m per year to run.

Cash balance continues to fall ,but by then everybody has left the building

Either sell above 23c or wait to sell @13c ex dividend for the brave.

Merry Xmas