Well it would appear we were all wrong ...
Hong Kong-based alternatives manager OCP Asia and Alex Turnbull's hedge fund Keshik Capital are set to emerge as major shareholders in ASX-listed lithium company Alita Resources.
Street Talk understands OCP and Keshik will tip fresh funds into the lithium concentrate producer as part of a $60 million recapitalisation, and each walk away with a 10 per cent stake and board seats.
The pair's investment is expected to be unveiled as early as Tuesday and be one of a number of significant changes at Alita.
The changes include the payout of a $40 million credit facility to major lender Tribeca Investment Partners, which will be replaced with an equity-like facility backed by OCP and Keshik.
There is also expected to be a realignment of the company towards Korean and Japanese partners, after falling into recent trouble with its existing offtaker.
Shares in the offtaker, Hong Kong-listed Burwill went into a trading halt on Monday as the recapitalisation was being finalised.