Ann: IGO: Lithium Joint Venture to Acquire Essential Metals Limit, page-47

People are expecting a competing bid are deluding themselves. It's a satellite deposit at 10mt. The surrounding drilling candidates are most probably barren hence Tim and the board deciding to cash in their chips and move onto their next opportunity. I would assume that most already have a new gig lined up. Clearly these guys never indented to get ESS mining.