Ann: DVP: DVP & ESS Transformational Transaction, page-296

When a powerhouse like MinRes owns 20% of ESS it discourages others from trying to take it over. That’s why it’s called a blocking stake. DVP are getting round this by being in bed with MinRes. IGO/Tianqi were happy to pay 50c per share cash back in April. MinRes shafted them. With MinRes’s 20% stake a potential bidder knows they’re not going to get a bargain as MinRes won’t allow their share to go to someone unless they benefit significantly. Probably easier to try to take over another Li resource company that isn’t partially owned by a major. In saying that these are getting rarer with MinRes recently buying 17% of DLI etc etc. LTR has had a takeover offer. AZS recently had an offer aswell. All 3 are much bigger than ESS and worth much more. ESS is relatively cheap with a small yet valuable resource. GLTAHs