The offer to buy the asset was indicative, non binding, subject to dd and other conditions.
If board were to recommend it, it would put the project at a standstill with no guarantee of a positive outcome. Based on the conference call galan did say they consulted tax, legal and other professional external advice before deciding.
Given Glencore and Chemphys went through the dd, looked under the bonnet and couldn't put forward anything compelling, how confident could galan mgmt have been in a positive outcome with the offer.
This approach kicks the can down the road, standstill until authium comes up with money to fund capex and decides to commence construction.
No clarity has been given on authium side and as I said a few weeks back, expect the price to linger until they clarify. Opportunity cost parking money here for a slim chance of a needle moving announcement near term.
Aimo
GLN Price at posting:
10.5¢ Sentiment: None Disclosure: Not Held
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