Sorry Oz, but I think you are wrong there. The first that PLS heard of MIN acquiring the ROFR was via legal correspondence. It would have been great if MIN contacted management and expressed their desires to process PLS concentrate yet that did not occur.
As for upfront payments I doubt that would have made a difference. Clearly MIN have a tactical plan and a bit off cash would not have stopped them in attempting to block any deal. To think that they will be happy with a few hundred thousand tonnes would be naive. MIN have confirmed their desire to sell their share Mt Marion. They are looking at something much bigger, every tonne Pilgangoora can produce.
As far as this afternoons announcement is concerned, MIN have been provided an opportunity to purchase the concentrate at the same terms as what was offered to GL. The issue here is that MIN are not happy with the terms as the resultant price is considered to be too high. MIN want a substantially lower price and are going through these motions accordingly.
I also thought the promotion was adequate. You can always go on Bloomberg and such but it would appear that most news agencies are running with the story. With Ken and Co outside of Australia they are doing their promotion in other markets which may not be a bad thing. Australian equity markets and investment banks etc would only offer limited benefit so the US would be a good place to start.
As to your last comment I note your quote from the 4 July.
"...The pricing mechanism is brilliant and a credit to the negotiating team and Ken Brinsden in particular who was leading them. This makes our price way in excess of $US600 given current $US25k/t pricing, and we will be at the upper end because of QUALITY..."
You were one of the biggest fans when the announcement was released so to now read you heavily criticise the same offer is a little hard to swallow.
Always happy to read your posts but I think you, just like everyone else is frustrated and are the first to blame when things aren't going our way. You are one of the individuals that hold some sway here and people may take your opinions to heart. I think we need to be a little more calm headed about these things as acting rashly in words or deeds is not beneficial to anyone. Cheers
PLS Price at posting:
51.0¢ Sentiment: Buy Disclosure: Held
(20min delay)