Let's be clear here, MINRES are done accumulating (without a...

Let's be clear here, MINRES are done accumulating (without a full take-over offer), with the exception of two strategies available to them:

1. Creeping on a 6 monthly basis
2. Underwrite the next cap raise (assuming that ASIC provides another exemption for them to accumulate further).

A TO offer will need to be at the highest price paid for a stock in the past 6 months by said party. At this point in time that is much higher than the current SP. The majority shareholder would not be able to vote their stock either. Which would leave us with the remaining parties. One of which is certainly not necessarily independent in their actions (based upon history).

If we look at the current large shareholders:

1. MINRES - Here for the Li (probably processing contracts etc to feed expected downstream processing investments)
2. HP - Are looking to be able to supply into India. hence the outputs from DLI via MINRES processing
3. Idemitsu - I'd imagine that they are still here to have some say in the offtakes. Their alignment with renewable and sustainable outcomes remains with DLI. Yes there original engagement to scupper a takeover didn't work.
4. Waratah - Financial/ Investment funding offering investors access to ESG funds.

Even though Idemitsu didn't participate they are yet to signal they are unhappy with the company direction (and other than a shakeup of the register and the SP tanking what has changed in all honesty?).

So for those looking at the take over piece... where I think holder need to be looking at this point in time is a takeover from HP at the lower price (35% higher than current SP). Their buy in price is lower than MINRES and they get around the 92.5 cent pricing of MINRES.

They would need to have Waratah and Idemitsu on side to have it succeed as MINRES alone wouldn't get it over the line and of course ensure that it is fair and equitable from an "Independent" stand point.

So IMO the risk of a low ball offer is from HP at this point in time and not MINRES.

If we were to look at the glass half full, it's a tight register, which should enable a sharper upward move on good results. However, I don't see the MRE as moving the dial significantly (although I am hopeful we might see a stabilisation in the 50 - 60 cent range). I see the big catalyst more so, on some of the drilling results forthcoming over the next 6 months. If we get a TO before than from either party it probably means DLI are sitting on great ground (as both DF and CE have made clear) and retail will get pushed out again.