@binwood - I don't disagree with you here, as I think that some of factors you described above did come into play last week. Even if there was no risk of information spread, wouldn't the TH ensure that everyone in the market was on a level playing field ?
I agree with you not every BOA is going to require a TH and my recommendations of using a TH when the BOA is for more than 10% of the product is drawn from the Australian Accounting Standards on materiality, which links through to Corporations Law.
The size of the BOA will matter in this case due to the large demand for lithium that will exist in the future and an announcement such as this significantly de-risks the company (IMO). This is because a large amount (40%) of the future product from one of the world's future (and largest) lithium miners was taken off the table further limiting supply. Smaller BOA's may not have the same impact on the overall market and hence no need for the TH.
Cheers, TCS
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