They are the biggest shareholder by a distance.
The 32m disclosed here all relate to the derivatives, so I think you add that to the approx 4% of ordinary shares they hold and they're up at around 11-12% interest in Talga.
There also must be 32m shares held by counterparties. I'm assuming a lot with UBS as they are one of Pentwater's prime brokers, we'll likely see a change in substantial notice from them in the coming days.
This is the important bit
This is an un-hedged long only directional bet on Talga going up.
It doesn't look like Pentwater have a strategy of privatisation or buy-outs, but position themselves ahead of the catalysts.
Are we here?
Pentwater must now be ready to take the handbrake off (or open the floodgates....?) with the upcoming catalysts
- Detailed plan - June (1-2 weeks)
- Exploitation concession - June (1-4 weeks)
- More offtakes (any time)
- Strategic investor coming on board (imminent?)
- Vittangi FID
- Recycled series partnerships
- Expansion study finalisation
- ???
(20min delay)