The company has no control over the prices bidders choose to...

The company has no control over the prices bidders choose to submit - but it took full value of the bids in November which has given it long-term financial security and the option to reject opportunistic bids that were made in April. This warns bidders that if they want product in a tight market (expected to remain tight for some years), they can’t get it on the cheap from Atlas. This is good management imho and the strategy will pay dividends over the next few years. I also think the company is being undervalued by the market - given its cash pile and still high margins. The recovery in Pearl quality continues as well. Not so bad news!