Ann: Becoming a substantial holder, page-23

Yep - the fact that its 15.01% is definately intentional, as you say if the Scheme of Arrangement doesn't happen and it becomes a takeover there are a few different opportunities and motivations for J Morgan to be there. The first most obvious is just a simple arbitrage play. If its an attempt to block SQM/Hancock Prospecting from getting to the 90% then its either a placeholder option for some other interloper who might want to come into play, or just to extract an increased offer. That all assumes JPM are puppets of some other entity.

As long as its SQM and Gina there is no way that FIRB will block this, if there were Chinese parties involved then it would be a sure thing that FIRB would be stopping this.

Is there some way that SQM themselves have got cold feet, and can somehow get JPM to derail the Scheme of Arrangement and the takeover?