Ann: Binding Transaction Implementation Deed with SQM, page-213

Just in stock….head.

And SQM has given itself some protection against an interloper like Gina Rinehart, whose Hancock Prospecting killed a $6.6 billion bid from US competitor Albemarle for WA’s next major lithium producer Liontown Resources (ASX:LTR) by acquiring a blocking stake on market.

Should the scheme fail, SQM will make a $3.50 per share off-market takeover offer, ensuring a raider would need to outbid SQM to get a slice of the pie.

The failure of the Liontown takeover appears as a sort of Aesop’s Fable for lithium juniors about the dangers of being blindsided.

A handful of investors who sold to squillionaire Gina Rinehart at or just below the $3 bid price won the day, but those who were holding on for the scheme meeting were left in the cold, with Liontown having to return to equity markets to raise cash to finish the construction of the $951 million Kathleen Valley mine by mid-2024 at $1.80.

SQM has almost 20% of Azure already, and has the support of its third largest shareholder, Wilhelm Zours’ Delphi Group (~11%). Where its second biggest shareholder Creasy (~13%) sits remains a matter of intrigue.