The only question I'd like answered is:
"What's changed?"
On March 30, 2023,Tim was quoted as saying this with regards to rejecting the Albermarle offer of $2.50:
“We believe that the cash flow that this project is going to generate over two years will pay for it. So we’re two and a half billion dollars a year of free cash flow.
“So you know, we’re not selling this company on consensus, I told Kent there (Albemarle boss Kent J. Masters) my friend in Albemarle, and so we’ll just see what happens.” (bolding is my emphasis)
Source: https://www.copyright link/companies/mining/liontown-s-tim-goyder-says-reach-for-stars-on-lithium-20230330-p5cwte
On 12 Nov 2021, Tim was quoted as saying this with regards to selling the company following the release of the KV DFS:
“We’ve kept this 100%. I don’t think people understand what we are here for. We are here to build a real company. We are here to build a Fortescue, not some fly-by-night outfit. Believe us, we know what we are doing,”
“We are totally committed and I’ve got 300 million bits of paper to prove that. We can see the amount of cash this project can generate. It is substantial. So we will be looking forward to those dividends.
“If you look at the study results in detail, this is a cash machine when we get into production. It is a high-quality asset. We are building this to last. We are building this to produce cash and grow the company.”
Source: https://www.livewiremarkets.com/wires/liontown-will-be-cash-city-says-goyder-as-he-commits-to-development-journey
Now, whilst these may not have been contained in ASX releases, they were public interviews and proclamations of intent, so I don't think it is unreasonable that investors took them into account when considering their investment strategy for LTR. Particularly when it was recently trading above the now BOD-endorsed sale price of $3.
Any reference to risk/difficulty regarding other ASX stocks Tim is involved with is not really relevant to my mind - as an industry professional of his experience, and with the team around him, he is aware of the risks involved in transitioning from explorer to production. And there has been no material disclosures that indicate significant difficulties in LTRs progression on that front.
So, what's changed in 6 months that Tim has gone from continuing to make public declarations of taking LTR into production, to now endorsing the sale of the company at all, and especially at such a low price?
(20min delay)