Merger: Yes or No, page-183

ake
net equity usd$3.5b

of that is $821m in liquid asset ie cash and equivalent

livent
net equity usd$1.6b

of that is $167m cash and equivalent



the kicker that stands out like raw aggots on dog, is the plant and equipment ie sunk capital. AKE just shy of $3b and livent $1.1b. This is a huge discrepancy.

AKE holder have been forgoing a dividend on the expectation that the company allocated resources to capex and expanding the existing projects. This is turn SHOULD result in an appreciating share price. That forgone dividend is sitting in that $3b plant and equipment number and the cash account.

the only way I can feasible see this in AKE interest is if the tech livent have (DLE) is game changing. If I was Martin, I would be getting out some news before the vote to the tune of “under exclusivity, we have successfully tested and proven Livents tech on out brine operations resulting in addition recoveries of x”.

on paper 44%/56% is looking rather ambitious. Livent have far less shares on issue, so things can look deceiving on paper BUT….

morgan Stanley and UBS and the board will want their pay day so I expecting some positive news flow from both companies in the next week or two.

not advice