Like others have said, if the raising price isn't at a premium to the closing price/VWAP then this is a quite astonishing level of incompetence from the management.
The company would have had not one but TWO obvious opportunities to raise at a significantly higher closing price, firstly by announcing the Renault offer in its own announcement and secondly delaying this trading halt by a day (the request was made this morning by the company, if they can't react quickly enough to delay for 24 hours and benefit from one of the strongest bull days in a generation then I have no words).
A lot of pressure on this announcement for the company, given the Glencore "binding" offtake history and the above, the chance of the market not liking the announcement are probably high. I really do rate JP in an operational sense, I think Galan when they had money moved quick and ahead of many many other Li stocks in advancing the project but in terms of financing, negotiations and marketing of the company he genuinely might be one of the worst I have ever witnessed, some of the cock ups this guy makes almost need to be seen to be believed.
Fingers crossed he has actually pulled a blinder, the asset deserves it
GLN Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)