I sold most of my holdings out at 48c, just a small punt left. Such is life, a few cents lost to see their cards no biggie...
Don't like the speed and attitude of Tianqi running away so quickly and with zero respect for process. Provides no confidence they are in good faith negotiations for an alternative TO offer, odds on we have seen the last of them.
Mt Marion is a MIN-Chinese JV also... when is the last time you saw a Chinese company fight another Chinese company for control of anything? Never is probably the answer, and maybe Genfeng wants Dome Nth for later and isn't pleased that TLEA moved into their space? It's complicated by the fact both TLEA and Mt Marion are both half Aussie, half Chinese JVs. They can't buy, control and shuffle Aussie assets around like they use to, so their hands are tied somewhat. MIN can make a TO for ESS in their own name no trouble, then deal the asset into the Mt Marion JV at a later date which I think is the end game.
How far away is the end and what price is the question and my concern. MIN waits 4 months at minimum before making any TO move is the probability now imo. Zero pressure to act, just get a seat on the board, let holders sweat, hedge funds and speculators exit for action elsewhere, development dreamers with >$1 share valuations re-consider their reality as time drags on.
Whatever ESS real valuation should be right now on fundamentals, it's price will be overshadowed by a failed TO bidder who walked first opportunity, many sellers who regret not taking 50c or higher when on offer but have no desire to ride it long term, lack of buyers due to concerns over where the share price settles next 6 months, a BOD who look unmotivated and/or unable to drive a effective development forward while hanging on for "future strategic opportunities" to get their bags of money out etc, etc. Just a bad set-up for shareholders now, great set-up for MIN, happy days for a JV who sounds like they had regrets and wanted an out.
GLTAH
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