I believe all those borrowed shares have been put up at $3, or...

I believe all those borrowed shares have been put up at $3, or close to $3, and sold to Gina. It is the only way she could have accumulated this many shares without pushing the price over the $3 bid imo. The combination of shorts being sold and retail uncertainty has provided the 400 million shares she has scooped up. Very clever move really. The shorts seem to be happy to pile on at $3 believing Gina will block the deal and given ALB have already bid best and final. They will likely get their opportunity to exit as I don't see any reason for Gina to rush in with another bid.

ALB have made a strategic error making their last bid best and final, they must not have been aware Gina was lurking just below the 5% threshold. They will have to sit on their hands for a little while if reports on here are correct that they cannot up their bid immediately in the absence of a better offer.

Gina has been careful not to bid above $3. Maybe if she had biought above $3, ALB could have used this to improve their offer. Hancock have been clear in their press releases they have not bought above the offer price. This was very directed.
The whole thing seems to be have been very well played by HP.

The only question now is, does Gina launch a full bid before production? She is keeping her options open by not nominating a board member at the upcoming AGM. She will probably see how things play out and whether she can work with our current board before deciding whether to bid for the whole thing.

I think there is a real chance her new association with the Indian government and her long standing relationship with POSCO might be behind her move on our resource.

There is no reason we as shareholders still won't end up in partnership with HP and with Sumitomo developing our midstream product, downstream production with POSCO and end product in India.

ALB have to decide how badly they want this resource and they may come back with a better bid once they have spent enough time in the naughty corner.

I am happy I have left 60% on the table to ride here as I think it is still a reasonable bet and I'd love be remain a shareholder in the final entity, whatever shape that may take.

G