The delay in the release of the SS reduces the window for...

The delay in the release of the SS reduces the window for competing offers. I would put that delay down to incompetence as I have been around long enough to see ESS in 'action', but an alternate view is that they are cooking the numbers.

Up the cap ex and op ex as they don't have scale. Lower the spod price projections. Can make those numbers go wherever you like.

These guys talked a good game late last year, so accepting this offer is a decent about face. Doesn't feel right. I guess they thought they could get better offers and this was the best they could muster through their pathetic process.

I think these guys dont want to mine and will do anything to avoid it. Lifestyle directors. Thats why this thing has gone nowhere in years. Freebee shares make it lucrative to sell. Can check out soon and get that bigger yacht.

So I dont see any report saving us. They want a sale, at any price.

The interesting thing about valuations is that on the open market, the best offer you get is the market value of the asset. So if this offer is it, fair value is 50c.

I think the problem is MIN would be our best bet and they have their eyes elsewhere. Its probably too much time and effort to submit a binding offer. Too much risk for ESS to entertain an indicative offer as they might get stuck without a sale.

Expect the SS to talk pioneer dome down. I recon ESS wants shareholders to accept 50c.