Say NO to TO!, page-9

PWN with GJ and AG on the board commissioned SM to develop K-Max. PWN applies for Patent. SM says that K-Max can be adapted to extract Li. They do trials and make L-Max. SM recognize the work that PWN did in developing L-Max and PWN gets 25% of Lepidico , SM gets 75%. Li-Tech (subsidiary of LEP) to commercialize L-Max and own patent. Some seed capital is added.
LIT provides test ore and testing of L-Max. In return LIT gets 3 licenses and a mandate to help commercialize L-Max. In effect LIT is our agent in WA.
The next step for LEP is to build a pilot plant. In order to do this they need have access to the market to raise money.

Up to this point all is cosy in the Belgravia Rd camp. Something happens at this point (POINT A sandpit spat!!). I think that LIT expected to bring LEP into the fold. However LEP went out into the big world. And found that L-Max was not enough to bring to the table. So they went out and got Broken Hill and Lemare to add to the war chest. With an enriched war chest LEP went to PLP for a deal. After DD, LEP was absorbed into PLP and changed to LPD.

After point A LIT comes up with SL and all LMAX promotion becomes SL promotion. This is our agent putting their product forward instead of ours. SL is short on info and seemingly theory with some bench testing.

LIT signs MOU with PLS. Gets ansto to do trials on SL to prove their theory. PLS says to LIT "get you house in order, Do you have your L-Max licenses and what is the effect of using SL with the L-Max licenses?" LIT sees a silk and the silk says you have to get a binding ruling on this matter and the only way is to get a court ruling. Hence the court case.

LPD chuffing along and giving LIT a real long lead, is forced to address the situation and responds saying yes your licenses stand, but on the other matter you have been a naughty boy and we are not going accept it.

LIT tell their gang that they will respond. Their gang is still waiting. Instead LIT goes back to the original seed investors saying that LEP has gone feral and we need to regain control of L-Max so we have to do a TO and LIT are best positioned to do so.

The real question here is if SL is so good and superior to L-Max, why do the TO and regain L-Max? LIT already have more projects than they can handle, so our projects are no benefit and most likely a hindrance to LIT going forward because they will be stretched thin.

This is a regal case of sour grapes mixed with massive ego. It does not help LIT shareholders and it is a wealth killer for LPD shareholders. If anyone wanting to jump ship, they are better selling on the market and buying LIT on market because this deal is a lose, lose ,lose situation with the only winner being AG and it will only be a boost to his ego.

AG should be up front on his intentions and be held accountable.