Ann: Transaction Booklet Lodged with ASIC, page-18

Only if SQM try to push the deal through. And at 31% they cannot. I don't understand your point there, because the loyalty of Creasy and Delphi only lasts as long as the offer remains on foot. If they cannot progress it then it's theoretical only.
Yes they've done well to get their stake of 20% and off take. No they cannot take over AZS given the blocking votes and they're not going anywhere.
I agree it will be a 12 months hold to get full value out of this stock, it will take time to define the resource.