That was over year older. The deferred tax liability at the merger was more again (you can see it the scheme booklet). I don't know the breakdown on which assets it relates to - and I have looked to understand it (you might have to chase each quarterly to even before the Allkem merger??). The point is it goes back to well before the ALTM/LTM merger (in fact they were holding that liability when the Allkem share price was $16) so I don't think it has much to do with the current price action.
Although as the market cap reduces the liability gearing ratio may be an issue in general - in this case I don't think it's a problem. Would be nice for ALTM to reduce a little bit of debt with the cash flow savings from Cattlin and the slowing of capex but overall the balance sheet looks OK to me. The price to book which obviously accounts very explicitly for these liabilities is something like 0.33 - it's ridiculous (PLS is over 2.5).
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