demerger, page-16

123enen,

Will they do the demerger under these circumstances? Yes I believe they will. RLL is immune to any commodities downturn because major car manufacturers are committed to mass producing lithium electric vehicles and a supply shortage exists there. PT has also said the RLL demerger is not dependent on ADY funding because RLL has its own funding options.

Right now the ADY sp is tied to an iron ore business. We need to get it associated with a Lithium business instead by proceeding with the demerger. Its as simple as that.

I am sure funding is available, but a converting note with the sp at these levels is unthinkable, as PT has stated. He would not only be diluting ADY, he would be giving away RLL too. So we need to get the sp back up to 20c. Then a trivial 3m placement will shut up the HW receivers and YA can do a 5-10m converting note at around 17.5c to cover their outstanding debt. The 2 x handymax shipments can be sold for some spare cash to cover operating costs into the new year. (say 10-15m)

I expect PT now has his shares back (hopefully). If so, then he is ready for both the sp to go up and the demerger to happen.

But PT has been know to pull a rabbit out of the hat in these situations. So he could come up with the funding tomorrow. Who knows? But one thing for sure - PT ain't letting this sucker sink over a token loan worth 10m. Not after spending a decade getting this far.