Ann: Azures Enters Joint Bid TID with SQM and Hancock, page-38

It's a good question - what do MIN do. MIN are out of the money but we all know MIN are acting with Gina. Will MIN vote against - I don't think so.

If they did vote against - with 13% and any other retailers, they will most likely have a blocking stake. Why, because SQM and Hancock can't vote, meaning their 13.56% is effectively 21.80%. Remember, you only need 75% to prevent a scheme. It's likely not all the register will vote. If 87% vote, then that effective interest increases to 25.05% and they would have a blocking stake by themselves.

That means it reverts to the off-market takeover offer at $3.65. At which point, SQM/Hancock will get Creasy's, Adelphi and Directors' shares, taking their interest to 60.78%. Not enough for a compulsory takeover but enough for control of the company.

Do MIN stick it out and fight for an interest - not too sure. We know they likely want mining services - so a head nod perhaps and they vote for, arguing that if they didn't they would lose $0.05.

I'm changing to sell unless you hold on longer for 12 month capital gains purposes. I see better options in other lithium stocks.

	Interests	%	Vote in Scheme	Effective Interest
1	SQM	19.42%	No
2	Hancock	18.37%	No
3	MIN	13.56%	YES	21.80%
4	Creasy	12.84%	YES	20.64%
5	Adelphi	10.15%	YES	16.32%
6	Directors	2.10%	YES	3.38%
7
8	Control in Takeover (SQM/HAN)			60.78%