Ann: Results of Scheme Meeting, page-25

Thanks very much for spelling that out 2ic, I was reading through the above and thinking exactly the same thing.

Those saying that TLEA are out of options clearly think very little of them.

TLEA are not stupid, and we all knew MIN was a likely bidder before TLEA made a bid, therefore TLEA certainly knew that as well.

They would have gamed all this out before making their bid, and will know exactly what their options are from here. I agree that a takeover offer with a 51% minimum acceptance condition is the likely choice, probably with a modest price increase (maybe 55c, hopefully 60c).

This will put the ball back in MIN's court, and MIN will then have to decide whether to counter or risk losing the asset to IGO.

Even though MIN does have a blocking stake if TLEA run an unopposed takeover offer and get above 50%, MIN would likely sell their shares to IGO and admit defeat in that scenario, as they did with WGO. TLEA and MIN are both far too sophisticated to end up stuck in a stand off with IGO owning 50%+ after a takeover offer and MIN holding the remaining 20% and not come to some sort of agreement.

I also want to reiterate what others have noted about the size of this acquisition. ~$150m is chump change to these guys.

MIN issued 588,000 shares (~$48m worth) to acquire tenements around Mt Marion last week and no one even noticed (https://www.asx.com.au/asxpdf/20230414/pdf/45nnymnfrmm560.pdf).

I think MIN want to consolidate the area around Mt Marion, and even though there is a possibility that TLEA walks and MIN wait to drive the price down a bit, I think the risk of that is miniscule. Even if TLEA walk, are MIN really going to wait around for a year to save themselves a small percentage of what is already a small deal (maybe $10-20m)? They issued $50m worth of shares last week for some random undisclosed tenements and literally no one noticed.