Ann: IGO: Lithium Joint Venture to Acquire Essential Metals Limit, page-179

A few points.
1. The offer is almost 50% above market.
2. The decision to sell or not is fully with shareholders, not the Board.
3. Directors have a duty to refer any substantial offer to shareholders and an offer at almost 50% above market must be considered substantial.
4. We don't know the extent of financial assistance offered with the off-take offers and if it was adequate to move forward.
5. This offer is open for four months before any finalisation. That leaves a lot of room for exciting things to happen.
6. This offer will concentrate the minds of a lot of people. Any one serious about getting an early reliable source of spodumene has to act now or forever keep the peace. It puts a lot of new pressure on the potential off-take partners.
7. We have lab results on 40 new prospects due over the next two months, well before any decision has to be made.
8. We have a scoping study due this month.
9. Mineral resources are still the natural owners of Pioneer Dome and appear to have a plan for the whole adjacent area. They are aggressive players and in my experience are not shy about making hard to resist offers if they want an asset.
10. There are a whole lot of people with lots of cash available and firm interest is acquiring good lithium assets. We are now in play.