ASX Today, page-33461

There are a few technicalities here that many are focussing on.

Yes under a SOA all the shares go to ALB should the achieve the 75% acceptance goal, but I think what most are not considering is how Gina can get a stake in ALB. There is nothing stopping ALB, were it successful in the LTR SOA, IMO to make LTR a private subsidiary company and give Gina say 20% share in that entity in return for Gina accepting the ALB bid. If there is a defacto agreement between Gina/ALB it will transcend to a JV in a private entity where the LTR assets will move to if the SOA is successful.

If you look at Greenbushes and Mount Marion they are actually a private entity where the JV partners have a common share in that private entity.

If the bid fails and ALB can keep the shares it gets in LTR, those shares plus Gina's, probably will give ALB/Gina a potential majority to control LTR, even were it to remain listed on the ASX. Or Gina could block the bid, launch her own takeover offer, and/or get into bed with MIN. I do not believe Gina will simply be after a seat on the LTR board and have no control/leadership over the direction is my point.

At the end of the day, we don't have a clue at this stage what Gina's end goal is. However, I am certain it is not about protecting shareholder interests (i.e. ours).

Is their anyone with a corporate law background on here who could clarify what scenarios might prevail here. I am guessing here but haven't a clue around this type of stuff - just trying to put a view down on what may be happening here but someone else with the right background is better placed to comment.

All IMO