Ann: Binding Transaction Implementation Deed with SQM, page-428

Spot on.

FIRB should not be a problem. SQM have/are investing a lot of money with their WES partnership. This has created a lot of employment already and will do so for many years to come. The plant needs the materials from somewhere. It may as well be from their own mining operation. The FIRB would look very foolish to intervene. Don’t forget 40% of the mine will still in be in Australian hands that is without GR’s holding stake.

It is apparent to me that SQM fully expected her to try to intervene hence the deal having two components ie. the scheme of arrangement and, if necessary the takeover offer. It tells me that they are more than willing, although not their preferred option, to be the majority shareholder with over 50% control. If she wants to play games, so be it, they will still hold all the cards. She wants some skin in the game realising the massive potential of this deposit.

Will her ego get the better of her? Will she be happy to have a minority (not a blocking) stake? Personally, I don’t think she will not without a fight anyway. This is quickly becoming a cat and mouse situation. I suspect the $3.50 takeover offer is the first punch thrown. Will it be a knockout? Who knows.

By the way, well done TR! I think you have played a blinder and know what’s likely to happen.