1MC (ASX) Ann: PLS: Conditional Agreement to Acq. Altura Lithium Operations

Originally posted by ozblue ↑

There has obviously been a lot going on behind the scenes for possibly months that shareholders have been unaware of. News flow and rumour flow have been over the top for the last couple of days. A simple reality is that none of us know all the facts of exactly what's been going on outside of the official news.

As the situation seems to stand, management/BOD at some stage let PLS and GXY into the data room, when and why?? Did they not think this was material information to notify shareholders about??

For the noteholders to entertain a bid from PLS, then obviously discussions with Altura were not going as well as most here believed. Where did the belief come from??

IMHO shareholders have been let down by the BOD here that portrayed a situation they thought they had control of when the didn't. They were the ones that a few years ago that agreed to a large debt at ridiculously high interest rates, instead of more dilution. Pilbara went for lower debt and higher equity relatively.

The only hope after a deal has been accepted is that the recap that the board here are working on comes up with a better deal, and in a short time frame. Why has this recap taken so long to be organised? Did Altura not think the clock was ticking when they let PLS into the data room? Did they really think that the noteholders were happy after having interest capitalised in the past?

All the decisions that led to the current situation were made by Altura management/BOD, yet people are looking elsewhere to point to unfairness.

I'm obviously a holder of PLS, yet still think the way shareholders have been treated here is totally unfair. You have missed out on a lot of information about what has been happening for probably months or longer. The commitment of the BOD by ponying up more money into the kitty gave a false impression or belief that everything was OK.

It is still not right that the corporate laws of this country allow foreign money invested into a company that earns 15%/pa has authority over local invested funds that go for years earning nothing, and are able to do a deal leaving shareholders with nothing and no time to organise a counter offer.

Surely every shareholder here should be raising this with their federal politician. Laws that allow shareholders to be robbed of their investment by a cheap offer while remaining uninformed about what has been going on behind the scenes, and left no time to counter offer, nor trade their position because of suspension.

The only real hope is that the recap going on can raise the full ~$A250M to better the PLS offer, and is accepted. Plus PLS don't up the offer slightly. The other possibility is for another higher bidder, which could then see shareholders getting some return, but so far all any of us know is that only PLS and GXY were let into the data room.

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Hi Ozblue
Altura has made a bit of a habit of not updating regards news - including not informing it had ‘lost’ its COO last September and not replaced him, and also not informing that Paul Mantell, the long term CFO had stepped down and been replaced.
... but do companies have to say when they open their data rooms?
Do you have examples of other companies doing this?

The fact that Ganfeng - a major holder and off take partner of PLS was last night said to be the entity putting up $60 or $70M to keep Altura out of PLS control intrigues me as a ‘political’ development that perhaps offers most hope Altura will survive.
What is its’ game?
Why did it not help earlier?
And can it do more?

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Ann: PLS: Conditional Agreement to Acq. Altura Lithium Operations, page-190

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