Ann: Albemarle and Liontown not proceeding with proposed scheme, page-349

And let me explain the logic of why ALB won't be back. We can apply a bit of game theory to logically work through it.

1. ALB can't take over LTR without GR support.
2. Gina just bought $800mil worth of shares a touch under $3. So we can safely assume she won't sell under $3.
3. The current offer is $3.
4. ALB have chosen not to increase their offer above $3 after doing 4 weeks of DD and knowing that GR has 19.9% stake.
5. The share price will likely drop, but GR can't buy a material amount of shares to lower her average.
6. ALB could buy more shares when it drops to increase their stake. However GR is still a majority holder with close to a $3 cost base.
7. Albermale still will need to offer above $3 - which they could do today but they aren't!

You can see that all roads lead back to an offer over $3. If Albermarle wanted to go above $3 they could have done that today. Lithium assets have gotten cheaper not more expensive.

From Gina's perspective, knowing that ALB won't go above $3 she has three options left.

1. Take the company over at $3 - This is unlikely to get shareholder support unless the LTR price crashes and stays down.
2. Let the company struggle and take it over when LTR are in a corner, both operationally and when the stock price is languishing.
3. No take over and let LTR go mining.

Now let me ask you, if you were a Billionare, which option would you choose? Option 1, 2 or 3? 2 is the most attractive by far, followed by option 3. Option 1 is the least attractive.

LTR is boxed in a corner and GR has her foot firmly on their throat.