That's my understanding. Wesfarmers took over Kidman and in doing so picked up a bunch of other stuff. Wesfarmers then formed a JV to do Mt Holland. This is Wesfarmers extracting a little bit of extra dollars for their shareholders by selling some of that other stuff acquired.
Part of the sale is Wesfarmers accepting TG6 stock rather than cash. Someone buried deep within Wesfarmers now has the task of keeping in touch with David and making sure he is doing the work necessary to increase the value of TG6 that Wesfarmers has as shares.
Wesfarmers ASX materiality threshold is going to be mid-high multi-million if not multi-billion dollar deals for direct ASX reporting. This deal is well under that threshold so it won't get an ASX release from WES.
TG6 Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
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