Ann: Change in substantial holding, page-20

PLS and KDR are chalk and cheese.

KDR has SQM and Tesla. And plans to build a refinery.

There is no provision for WES to drop the deal for general market conditions (or for penalties for dropping it for cause)- I don't think there is any chance they'd want to - there is too much value in it for them middle to long term and they know it.

The voting deeds and Scheme Implementation Deed both show that WES anticipated the possibility of the Scheme of Arrangement being substituted for an off market takeover bid (in the case of the SID at a price not less than $1.90 - the consideration).

General negative sentiment in the lithium sector currently is strictly short term in my opinion and likely to effect retail shareholders and traders sentiment but not change the views of companies like WES (or anyone else that is thinking and looking strategically) that were considering the middle and long term prospects and the EV revolution.

Unless the EV revolution is cancelled KDR looks very well placed with its partners and resource and refinery. There is also considerable value not reflected in recent independent expert assessments because of the need to have a 'reasonable basis' (which essentially means extremely conservative when there is no JORC measured or indicated resources.)