Assuming L1 is siding with APAC (which we don’t know for sure) I think they’ll control over 30% of the shares on issue. Jinchuan have board representation and hold less than 5%. These guys are after more than one board seat as you say, and I think they’ll probably get 2 and have control over the register to ensure the remaining directors vote along with them. So they effectively get control - they can then put nifty on C&M or whatever they want to do.
I don’t understand the obsession with a TO, one they aren’t a mining company so there’s no synergies and they won’t want the responsibility of running the day to day and two they know that given where the SP has been and the cost base most holders have they would need to offer up something over 40c to get enough shares..
As to ur continual comments about Brexit, trade wars and copper making a rebound.. I don’t think that comes into play.
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