I'm voting NO on the Hartree funding, unless the structure...

I'm voting NO on the Hartree funding, unless the structure changes before the vote on 27 July.

If Hartree gets to 55% they control every decision including board appointments, the could improve the terms of their offtake and squeeze out any profitability, deny profit distributions to other shareholders; basically squeeze us to the point our shares are worthless. This is a Takeover by stealth, where we get $0 for our shares- voting for this crappy deal would be signing your own death warrant.

If the crappy funding deal falls through, we face voluntary administration which can't be any worse than the shit sandwich that's currently on offer?? But I don't think VA would happen because Hartree are on the hook as much as us and they will be forced to cut A BETTER DEAL IF WE VOTE NO.

Reading the Independent Experts Report, setting aside the control issue for a second, they value the assets at $232.8M and our shares at 45.3c. I reckon even sharky administrators could get us some value back for our shares in this asset.

After the transaction, if it goes through, our shares are valued at 22.4c. The Experts have deemed the deal NOT FAIR because Hartree would get theirs for 17.5c! (US$ 25 million @ US$:A$ of 1.5 x 213,268,000 shares / warrants).

The Notice of Meeting has some more interesting info:

Section 2.18: we learn that MYL has been blocked from seeking alternative funding sources until the meeting date 27 July. IM VERY SUSPICOUS OF THESE MOTIVES.

Section 10.12: MYL was approached about a merger proposal back in May. Rejected by MYL because it didn't resolve short-term funding. BUT it might've been better for us to be part of a multi-asset company and out of Hartree's grip. I would like to know more about that offer!

Section 1.4 Anti-dilution clause- MYL can't seek other funding without offering Hartree the ability to maintain their percentage on the same terms. Hartree wants control, and they're not prepared to pay us for it!

I'd vote for a deal that gets Hartree to 49% by issuing them less shares at a higher price, so we maintain some control. But JL and management hasn't been able to push back hard enough. They won't re-cut this deal unless we VOTE NO.

At the very least it would be prudent to hold off voting to see if the deal changes before 27 July.