General Discussion Topics, page-627

And it will be particularly interesting what constraints and / or approvals PLL will need to move higher than the 20% on SYA's register if it should choose to once it has become a defacto ' American Listed Entity . Because they speak of takeovers and acquisitions being easier for them ....but I wonder how much more difficult it could become here given the concentration of existing Lithium Players and / or the significance of the Western Australian Deposits.

And it ( PLL ) will effectively classed as a ' Foreign Entity ' ...albeit a U.S one. But still....perhaps given the recent deal would bring them right to the highest acceptable takeover threshold of 20% , their 25% interest ( or effective 40% ) in Sayona Quebec does suggest there might be a break up down the track.

And irrespective , a FULL takeover of SYA would not only be subject to FIRB approvals etc.... but could also be a lot more complicated if Sayona was to be offered a Script component from PLL and not just cash.

Either way , their stake would have to be considered a ' Poison Pill ' for any other fanciful predator .....and I guess it is better that they moved on Sayona before their vote approving the US listing and its scheme of arrangement.

But this 100 CDI for every 1 common stock of Piedmont U.S will mean you have to have 100 times more Australian Piedmont shares just in order to obtain 1 ADS of Piedmont shares which is also currently equal to 100 piedmont shares.

So it's a 100 to 1 dilution if you are holding Piedmont ASX shares....and base on yesterday's closing price and allowing for exchange rate movements was a whole lot cheaper buying your Top up or you ' significant ' stake over here rather than over there......