At least it is an activity. We should be happy with that!
Not so much EGO's Board, but MIN's. I am starting with the assumption that they need to buy EGO to provide a cheaper gas supply for their Mt Marion Project (note that China's largest lithium producer Jiangxi Ganfeng Lithium Co. Ltd also own 43.1% of that, so its not just MIN's own Board pulling the levers on that decision). MIN has spent the past three years paying down debt, and Jiangxi Ganfeng have very deep pockets - so financing a small puchase like EGO is not a big deal to them. Nevertheless, they would want to buy it at a price that makes economic sense, and it is anyone's guess as to what that number is.
I honestly can't see MIN taking a "punt" on EGO's share price and just sticking to a 20% (or 25%, with options and waivers) share. Doesn't make any sense at all. Looking through MIN's previous history, they tend to accumulate and they step-up markedly for their final push (takeover); so I am guessing that EGO is merely another piece in MIN's puzzle and will be snapped up in due course (and in similar fashion).
As for the price, we can reasonably assume that it is north of 50, and know that it is probably north of Hartley's very-conservative valuation of 67. MIN would know the number already - but we don't. What we do know, however, is that the current share price is 42 cents because we simply don't trust anyone (after years of being told something, then sold a pup). To be honest, the only reason I re-entered this stock was because of MIN (and faith in them), not EGO.
EGO Price at posting:
42.5¢ Sentiment: Buy Disclosure: Held