https://www.townsvillebulletin.com.au/business/*/leo-lithium-boss-says-asx-african-lithium-plays-can-still-succeed-despite-mali-pain/news-story/fb77e5c72800eca15e833dd35586dcaa?amp=I here you
@RandomDart....the situation is so sad
My views only and Scenario on what might of happened here ???
IMO ..Simon Hay and BOD have made dad decision on behalf of all shareholders, by deliberately or
Stupiditly not realising what they were doing when they gave away 5% shareholding to Gangfeng for $65 million .
when they gave Gangfeng 55% shareholding in LLL Gangfeng became majority shareholder decision maker ,
and LLL with only 45% shareholding in LLL .
which IMO was a Stupid decision by Simon Hay CEO and BOD to do this WITHOUT A CLAUSE in the deal with a contract or legal Binding agreement to protect LLL shareholders and interests in the Goulamina asset .
After this happened Mali Government wrote to LLL
Demanding an extra 5% shareholding for another $60 million payments off LLL and another 5% off Chinese Gangfeng for $60 million
Gangfeng now being the majority shareholder in LLL at 55% supported the Mali Government's Demands to give the Mali Government the extra 10% shareholding for a total payment of about $120 million from Mali Government.
( My question is where did the Mali Government get the $120 million dollars from to pay for these shares ??? )
LLL was then suspended from trading and in discussions with Mali Government.
Gangfeng and Mali Government then would end up with a total 60% shareholding in LLL .
So IMO Gangfeng and Mali Government ganged up together and demanded LLL sell their remaining 40% shareholding to Gangfeng for the equivalent to 0.43 cents share price. ( and Shafted LLL shareholders )
which I believe an independent evaluation on the
Goulamina asset should be done, with the new $307 million dollar plant and the Massive Lithium Spodumene Resources and the Hugh revenue potential Goulamina asset has ....this needs to be evaluated independently properly.
So your question is.... what can we do about this situation now ....is nothing more than above the Mistakes were done when LLL BOD decided to give away 5% to Gangfeng
these are my views only i am no expert..DYOR
256lith
(20min delay)