Mate, how many times can you make the same two comments?
MIN do not "have their foot on ESS's throat" and nobody thinks that they are "a white knight".
MIN bought up 20% of ESS to stop a resource that could potentially be very valuable to them falling into a competitors hands.
They now own a strategic stake in ESS, but they do not have a controlling interest.
They have no actual control over ESS making offtake agreements or progressing with the project.
They can only stop other companies taking over ESS.
There is nothing wrong with what MIN has done, and if they were to make a bid it wouldn't be to 'save' us, it would be to take ownership of a valuable resource.
The issue for us is that Spencer signalled to the entire market that we don't want to go it alone by accepting the TLEA offer at that price.
Now, because of our board not because of MIN, we are in a tough spot where everyone knows we don't want to go it alone and a third party offer can be blocked.
The board can try to force MIN's hand with talks of a potential offtake but MIN aren't stupid.
I personally am of the opinion that the delay in MIN making a bid (if you can even call it that, its only been just over a month) is related to MIN's share price and has nothing to do with us.
I think MIN want to make a scrip offer, and would prefer to do so when their share price is a little stronger.
ESS Price at posting:
45.5¢ Sentiment: Buy Disclosure: Held
