@dynofishYour letter is excellent, brilliant...
Thanks for bringing this issue to the attention of everyone. I believe it will work and bring some strong attention to what Hancock has done.
I was really very much frustrated by Hancock's buying from shorters even though I was also frustrated ALB's low ball offer of $3.
The point is we didn't need Hancock's 19.90% stake to block this deal. Our head (HIN) numbers over 50% would be enough to block the deal.
So we didn't need Hancock's buying from shorters. I also do not accept shorting as an ethical practice.
The LTR management's decision to "
finalisation of funding" shows me that Hancock didn't have any connection and communication with LTR management during its LTR shares purchase on market and from shorters.
I think LTR management has also been frustrated by the actions of Hancock because Hancock's intention is not clear even though they said on their latest press release;
"Hancock welcomes the opportunity to participate in the Kathleen Valley project as a shareholder, and have an influence on the company's overall future direction including where decisions are to be made by shareholders".
No we don't buy this. If that was correct that Hancock was in the intention of being an ordinary shareholder why would they be buying over 100m shares from shorters in such a short time?
I've heard that KV Project is named as "
Super Project" in Hancock's ranks. They even don't use "KV project" name, it's "Super Project" for them. I can imagine why!
We all know that all journos in the media are asking the same question: "Hancock's intention is not clear!". That's right; it's not clear. The "finalisation of funding" action of LTR management shows me that BoD of LTR are saying to Hancock; "
we don't need your support, we don't need your money, we don't need you in our board, you just stay away and get your dividends when available". That's what I understand.
And I support that decision 100% like many of you here.
Then, the "
finalisation of funding" has kicked in, and now we are going mining.
I don't care LTR is going to make a CR at any price, say $2.50, $2.60 or $2.70... It's all OK for me. I want to go mining.
- We are building the best lithium mine in the world,
- EV revolution is keep going on very strong,
- lithium price decline is BS, there is only one mine can produce SC6 spod concentrate, which is Greenbushes, and the next will be LTR's KV project.
- the lithium supply/demand deficit will come up and recognised very soon in next two months around the new year,
- KV project is very much advanced in technical terms, and huge amount of lithium ore is stockpiled.
- we will start production latest in June 2024 but I think it will be in April or May as latest. We only have 7-8 months to production.
The amount which needed to be funded is around $450m. $300m of that will be spent for the project until the production starts and the $150m of that will be the buffer during the production.
LTR shares will be very attractive investment vehicle for everyone from now on. Another important point is this;
- LTR's KV project has gone through a due diligence process by ALB and and has been found very positive. That is now being a very reliable confirmation for investors which is done by ALB, the largest lithium company in the world.
- Hancock's 19.9% stake purchase of LTR at $3 is also a reliable confirmation by Australia's largest private mining company and richest person GR..!
- LTR is a ASX100 company. Because the takeover issue is not a hurdle anymore the funds which should buy ASX100 company shares are now free to buy LTR shares. They will start buying soon.
I'm now thinking that we are still going in perfectly right direction; to mining and having super dividends in the near future. I knew and I said it was going to be very hard for us to be in the game, we would be taken over by 90% chance because we have unbelievably good asset.
But there you go, we are going mining.
(20min delay)
