Ann: Essential and TLEA to enter into Scheme of Arrangement, page-46

Do you really think there is a 40% chance that most shareholders will forgo the opportunity to sell at 51c today so that they can vote to receive 50c in a few months time instead?

Let's wait until we see the scoping study shall we. Even if it comes in with a conservative NPV of $1 billion, that equates to a share price of $3.74 (ignoring the upside of future exploration success, value of JVs, etc.)

If other parties decide they want to enter the bidding, they won't just be bidding against TLEA, they'll be bidding against the scoping study. I think the chance of bids coming in over $1 are a little more than 10%.