Exactly right. When have you seen someone simply put the price they're going to pay up. They did it for a reason.
That reason is to take the "stay private" option off the table because the two main shareholders (Fu & Gao) have signed a binding agreement to vote for the resolution.
Has anyone noticed that what was announced on the 17th of April was a "$10m Cash Option Deal for the Sale of Colombian Assets". This is stretching the truth somewhat and it'll take decades to get $10m on those terms. Then in todays announcement "The company is party to a binding Share Purchase Option Agreement with Tiger..." so it's back to the same deal as before that had a 84% no vote, but they've locked in the two main shareholders (surely you have to ask why). Let alone not announcing alternative bids from either of the othjer parties, especially as they're both superior.
On the 29th of July 2024, (June 24 quarterly) LCL said they "has received multiple unsolicitored enquiries about the Quinchia and Andes projecxts with particular focus on exploration upside and the pathway towards Qunichia development."
In the 11 Nov 24 announcement the board stated that they'd granted one party access to data for DD on the Colombian assets. This was not exclusive and there was no binding offer from them (Tiger). At that time there were two other parties trying to have a conversation with the board, but the LCL wouldn't not engage in conversation. They simply locked them out.
LCL Price at posting:
0.7¢ Sentiment: None Disclosure: Held
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