I generally enjoy reading your contributions Pete. Re for sale...

I generally enjoy reading your contributions Pete.

Re for sale sign post signing offtake and financing doesn't make sense. There would be more value in the Company (from a buyers perspective) with an unencumbered offtake and balance sheet. Why buy a Co. beholden to both offtake and financing terms the buyer could have negotiated a better outcome on, if required at all. Remember most offtake agreements survive a change of control.

An asset sale post offtake and financing doesnt make sense, it would leave galan with termination/break penalties and shareholders would still be at the whim of management's decision as to what to do with those proceeds. Going off their rather reckless financial management to date shareholders have little confidence in management looking after them.

Sure management have skin in the game too but they've so far shown their risk appetite far exceeds that of majority shareholders, demonstrated by the share price. If there was any confidence in management the share price would have risen materially on the back of the offer, whether turned down or not.

While I generally agree an sale now is tough to digest, one can only hope that management use this offer as leverage in negotiations elsewhere.
Turning it down, tapping atm again while saying rigi, chemphys are close has hopefully lit a raging fire under their feet. Failing to deliver now would be catastrophic for all involved.

Aimo