Ann: Trading Halt, page-161

@GARETH78 I don’t see the posts you’re replying to (they’re all on ignore) but I could have a good guess at who you refer to.

He’s probably a bit grumpy because Liontown is $3 today and will be $3 in 3 years time assuming ALB doesn’t get to 90% & there are still some minority shareholders left.

Now Leo is at a recent low of 50c but I can guarantee it’ll be multiples of that in 3 years time (unless we fall to the same fate & get taken over)

As we know both Leo & LTRs projects are very similar, reading the LTR threads and the Leo threads you’d think they were totally different beasts - yes we all know Leo is in Africa & only holds 40.5%.

But LTR isn’t as squeeky clean & superior as they all make out.

At the AGM LTR shareholders were told they were on schedule and on budget. 8 weeks later a massive capex blow out. Part of that blowout was increasing plant capacity by 20% so it is hard to believe management knew nothing of that 8 weeks earlier. They knew very well at the AGM they weren’t on budget.

As for schedule, they’ve just awarded a 9 month SMP & E&I construction contract. Now by my math 9 months puts them at least 5 months behind schedule and thats assuming the wet plant is the final construction item. Their schedule has them finishing construction in Q4 this year (Q4 starts in 2 weeks & is shortened by xmas NY) and commissioning starting Q1 2024. I haven’t seen the update to say they are behind schedule, in fact quite the contrary they say they’re on schedule.

I think the ALB takeover proposal is something all Leo shareholders should pay attention to - it could happen to us.

IMO the LTR Board has sold shareholders out by accepting the ALB bid (subject to DD). What happened to all the rhetoric - we’re going mining etc?

Gina may offer 20c more but probably just wants a slice & a seat on the Board. She hasn’t been buying any more.

The Board has accepted $3, the institutions will vote accordingly as they always do.

Liontown is being sold a great shame for shareholders.

Yes individual shareholders can refuse to sell, history says they eventually give up when the SP stays flat

Once they get to 75% they can pass a special resolution to delist - being a minority shareholder in a delisted company is no fun

If they get to 90% they can compulsorily acquire the minority shares.

They only need 51% to have control & they’d be happy with that.

Of course if ALB walk away (highly unlikely) the SP will drop back to where it was before the bid, considering Lithium prices have dropped significantly since then, along with peer share prices - it’ll probably drop lower. Institutions & major shareholders know that, which is why they won’t vote against the takeover.