OHL made a term sheet offer to the LML BOD to merge OHL and LML in June 2021 valued at $18m. The BOD did not informed shareholders about this offer. The BOD is 100% controlled by the largest 19.9% HK based shareholder Poly who in December 2021 made a CN placement which would allow Poly to control 48.5% of LML for only $1,600,000 without making a formal takeover offer. OHL intends to make an unconditional offer to buy all the shares in LML for 2.3 cents in the near future. LML shares are currently suspended from trading so nobody can buy or sell their shares on the ASX.
LML owns a graphite mine which is a declared and strategic mineral which should stay in Australian hands and not be subject to China control. HK is part of China!
LML Price at posting:
0.8¢ Sentiment: None Disclosure: Not Held
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