That is one scenario I have considered. I doubt there'd be too...

That is one scenario I have considered. I doubt there'd be too much interest in the Phosphate side of the business, especially as Lindsay has entwined himself into the local fertiliser scene.

For GA it is worth considering.
One problem would be the company is presently valued only on the phosphate side, so they'd be paying for something they don't really want. Another problem is the shareholder structure. No way would Hong Kong Jason (who probably also participated in this CR) want to give up their strategic position. As per the last presentation, the top 4 shareholders own 28% of the company & I'd say they are very sticky holders. The top 20 accounts for 42% making it very hard to get a takeover over the line.

Most here hold because they know the long term value and would not sell for a 30% (or whatever) premium to todays depressed price.