Board approvals are largely a formality at this level of business. Who doesn't think boards are in their MD's ear about what terms would be acceptable?
The POSCO JV is like a thorn in the side of PLS at this stage. It was supposed to be announced in the June quarter - got delayed till the end of August. It's now the 31.08 - I agree that it's not a great look if no announcement today.
HOWEVER - if the POSCO JV does/doesn't go ahead - does it really matter? If it doesn't go ahead it's because the two businesses couldn't come together to agree on terms. I'd much rather PLS walk away from a deal because it doesn't make financial sense, rather than sign off on the deal simply due to shareholders expecting the deal to go ahead.
There will be a myriad of other converters begging PLS for their spod (if not now, in the future), who's to say a better deal with better terms isn't around the corner?
Also the POSCO plant won't even be commissioned until 2024 - who's to say there isn't already one up and running trying to court PLS and that is what is causing this further delay?
PLS is like a high class escort, not going to accept $20 for a shag.
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