Gday @Pokerface
I've been onboard the good ship for over 2 years , and in that time you have continually posted that a takeover of PLS is imminent . I called out in 2016/17 that it wasn't going to happen . So far I'm right and you've been wrong . When i say continually , probably monthly . That's a lot of wrong calls . Its now 2018 and I'll give you 10 reasons why it ain't happening , instead of your chinese whispers .
1 . Takeovers are rare on the ASX . With over 2000 ASX listed companies , takeovers rarely happen . Probably a handful per year , so a 500/1 chance a listed entity is taken over .
2 . We are too expensive . Simples . At our market of 1.5 billion . SQM paid peanuts for 50% of Kidman . Under 200mill , i recall . ( not sure on price ) . Thats a similar size resource .
3 . Our next door neighbour is for sale . Our bestie Mineral Resources have the for sale sign in the ground , right next door to us , at Wodgina . Similar resource . Who wants to buy the house next door for probably more that's not for sale . No one . I even doubt that MIN will get a sale .
4 . Optimum Nano are on the brink of collapse . The 4th largest battery maker in China have closed their doors and told the workers to have 6 months off . Easily the worst news in the lithium space in the past 2 years .
5 . We have 4 binding offtakes . How would a potential taker over deal with this conundrum . Too hard .
6 . Lithium is just a passing fad . Remember Rare Earths . Boom metals come and go . Is this another . Still not taken seriously by analysts . High risk still .
7 . Sector is in a slump . Albarmarle are down 50% from yearly highs . Chinese market down 20% this year ( bear territory ) . Trumpster trade war . Oversupply worries . It's not the time to splash cash .
8 . PLS is not proven . While Mt Lithos looks impressive at the moment , it's still a pile of crushed white rock . We may have a bucket full of concentrate in the shed now , but does the plant work and pump it out at nameplate consistently .
9. We've done the hard yards . ..ck off . After 4 years of toil . Thousands of drlll metres . Mining licences . Scraping together the cash to build , i can't see our BOD accepting an offer . Especially , Kenny B . He failed at Atlas . This is his redemption . We are ready to rake in the cash and go to Stage2 . It's our time .
10 . My gut instinct . Ok , I'm scraping the barrel on this one , but i had to get to ten . Every time i read about a takeover , my stomach churnes . Ain't happening . Looking forward to the first divvy . Sure , not for 4 more years . But , im a waitin .
Anyhow , time for bed . Some of us have to go to work tomorrow . Always enjoy reading your posts pokerface , but if we don't get an offer next week , how about taking a break on the takeover scenario . Hoping you don't put me on ignore .
Cheerio , gtc
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