Ann: Macquarie Capital Appointed Strategic and Financial Adviser, page-14

I reckon a prudent approach.

They'll be aware that there'll be other companies sniffing around (whether or not any of them have informally approached them); couple that with Shenghe interest and I assume pre-empting positive FEED results at end of November, this is smart to enable them to react quickly and respond for the best outcome.

I reckon 1.40/50 would get it across the line as well in short term, but pending an announcement closer to May, perhaps the company is thinking longer term, and waiting for a golden amount after many years of waiting...(themselves included).