It does indeed seem crazy but many shareholders and potential holders are probably unaware of the value or even existence of out PWM stake. That aside, I think the market has taken the view that there is grave doubt that a strategic partner will materialise prior to August or that the size of the offer would be small. If that is the thinking then they probably see further SP falls and even lower-priced CRs to come this year. Hopefully the market has got it wrong but the current SP certainly seems to reflect that view. PMT is obviously being treated to the same market scorn. Unfortunately it's still a risk-off lithium scenario.
WR1 Price at posting:
31.0¢ Sentiment: None Disclosure: Held
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