Ann: Corporate update, page-65

I recognise that there are a few dissapointed punters out there this morning. However, there are a lot of positives to take away from this:-
Not sure what the prospective buyer was thinking, but there was never any chance of picking up an acknowdgedly under valued junior in a red hot Lithium market without a HUGE premium. I think the $3-$4 crew are a bit too optimistic, but imo $1.4-$1.7 is nearer the ball park, and might still be too high. It is only that this equates to a $350-$400mm market cap that I believe it was a possibility. That is not a big number for the players out there. You also get our JV's thrown in for free.
What this has also highlighted is that the company is in play for the right price. The spotlight this brought will have some more serious minds running the ruler over ESS in the coming months. Watch this space....
There was also a lot of talk about what the management should do given any particular bid. These guys are only human, and rather than toil away for 18 - 24 months for the same result, they would take the cash and chill in Noosa for a while. Of course, it is within their interest to increase the value that a premium is placed upon, but if they can avoid the hard yards of permitting, Cap raises, feasibility studies etc, then I am sure they will.
Without a new bidder, imo the sp will reach $1+ by CYE, and $2-3 in 24 months. If a bid shortens that timescale I am good with that....