Main reason would be that the last traded price was during the sell down in Lithium 1.0, when spod was selling for 1/4 of current price, when zombie companies like A40 where going into VA, when lithium investors in all companies including PLS and GXY were getting their arse handed to them and when Calderwood was played by Tribecca, Galaxy and Austeroid.
And now lithium is a hot 'commodity' once more, demand is beating supply, Goldfields is the one of the most crowded regions in lithium, Bald Hill has been processing for 3 years and no doubt fine tuned close to nameplate, a nearby mine is valued at $6 billion, MinRes are looking at consolidating their Goldfields assets and JV projects into a lithium bohemoth, value is supposedly being set by an independent valuer with indications of b/w a few $100 million to over $1billion, and with the rejection of the current holders by the FIRB and cancellation of the DOCA, the mine is supposedly back on the open market (with 1 main opportunistic bidder), and with relatively low debt, once the creditors are paid out there is no one else that the remaining sale proceeds can got to other than the former owners.
That being said, even with that logic, I am not expecting any great fair value windfall. But for the last traded 8.2c price, $120 million MC, not to be matched, would indicate that the liquidation and acquisition process is corrupt, and that the independent valuer, the deed administrator, the managers and receiver, the judge and the current largest shareholder were either complicit or too lazy to pursue a fair value outcome
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