Ann: Revised Proposal from Albemarle, page-467

The LTR Board are experienced, savvy people. I am amazed at some of the vitriol that has been posted today, especially about Tim Goyder. His delivery so far has been exceptional and to vilify him after today's announcement is a short-sighted disgrace. We simply do not have all the facts - yet.

This story has a long way to go.

It is quite possible that the Board's strategy is for this offer to be the catalyst for the share price to reach realistic levels. It is quite possible they have had enough of the market manipulation and silly games that are being played and this is their strategy to counter it. It may well be that they don't want to sell to Albermarle for $3 but they are allowing a process to take place that will value our asset based on facts not on market manipulation. That valuation will not be based on what the opportunistic takeover price the predator wants to pay, but a valuation based on facts that will have access to all documentation
(including the details of the three off-take agreements)

With their knowledge of the financial details regarding the Off Take Agreements, combined with their understanding of future lithium demand it may well be that the LTR Board is 100% certain that the independent valuation will show the $3 offer by Albermarle to be extremely lowball and as a consequence there is no possibility of $3 being sufficient. What do you think would happen if an independent valuer came back with a finding that the $3 offered by Albermarle was substantially below the true value?

Like I said there is a long way to go in this story.