Ann: Consultancy Agreement with non-executive Director, page-24

Hi @MWolf
As mentioned by TR, it stands for mergers and acquisitions. However it’s not just about acquiring or merging or doing a jv with another entity. It certainly involves a LTR ITSELF BEING ACQUIRED.

Firms that have specialty in M&A can advise on valuations, strategic alternatives, sale negotiation and due diligence, strategic reviews, business divestment, management buyin/buyout etc.

With the depth of skill set or expertise within ltr’s BOD, Ltr is in the best position to extract maximum value. Some would engage the services of the big 4 or investment banks when dealing with large deals. Not that they get it really right all the time. When Kidman enlisted the advice of Maddocks on receiving WES’s offer, I believe they simply concluded the offer was fair and reasonable, there was no resistance. Some of so called experts get paid enough for simply putting their letterhead on an independent report. Some even get it wrong by the 80% lol - I know of a $10 billion deal that was later found out to be worth $2 billion. Consider another scenario, if PLL is being offered to be acquired for $1.5 billion now which is 50% above its mcap, what do you think will someone engaged to advise PLL say? How about the ‘experts’ advising the acquiring company that they should offer $1.5 billion when they know PLL for example has a meager resource? Remember both teams on opposite ends of the table are can considered experts, but if PLL is sold for $1.5 billion now, which do you think are the idiots in the opposite ends of the table?

LTR shareholders have the confidence Ltr will get the best deal in due time
-bod and mgt own a chunk to block any idiotic offers
-they’ve really loaded and still loading up and taken all the risks
-they’ll take lessons from past deals
-they said keep your shares locked in the safe


Cheers
-I