Now that the dust has settled after the pre AGM shenanigans from...

Now that the dust has settled after the pre AGM shenanigans from our major PRC controlled shareholder group, it's worthwhile analysing the outcomes a little further;

After the defection of the Vestpro group and their 15% shareholding to the current IMA board, there was no way that the LB/OZC/MZ grouping was going to get any of their three nominee directors up in an election against the recommendation of the existing board, so to come to an "accommodation" to get LB chair Gang Xu's daughter Ran Xu on board as the OZC/MZ nominee director is actually a good outcome for the LB/OZC/MZ group.

It's apparent that the current board has their hands tied with respect to the existing HMC offtake agreements from Boonarring, so no amount of pressure from our major shareholder grouping, short of paying over the odds for product, was likely to get OZC the HMC offtake they so desired. The 14 month standstill agreement will take us through to July 2023 which happens to coincide with the planned commencement of production of HMC from Atlas, so no doubt Ms Xu will be using all her feminine wiles and major shareholding heft to secure the offtake from Atlas on the best possible terms for OZC.

There is no mention in the standstill agreement to limit OZC's purchase of more IMA shares, so their declared intention to acquire up to 3% of issued shares every 6 months under the creep provision could see them increasing their shareholdings from the current 19.4% to up to 28.4% by the next AGM without having to make a formal takeover offer. A 28.4% holding would probably allow them to secure 2 board seats which could swing control of IMA to LB/OZC/MZ group.

The standstill agreement only requires MZ "to not requisition any subsequent meeting of Image shareholders to consider the appointment or removal of Image directors", it does not appear to preclude them from nominating additional directors or not supporting existing directors at an AGM.

So, peace in our time or a strategic withdrawal by LB/OZC/MZ to regroup and plan for the next onslaught?...Only time will tell...GLTAH, particularly us little guys!