rll rincon lithium demerger announcement, page-8

The top corporate objective stated in the June Quarterly Report is....

KEY OBJECTIVES FOR THE JULY TO SEP 2008 QUARTER - Corporate

a. Progress work on the demerger, share consolidation, hold the Extraordinary General Meeting, and if the resolutions are passed list Rincon Lithium Limited.

So if the EGM is to happen within the June-Sept quarter, as stated, the demerger announcement has to be made before the end of this month.

For some reason, the RLL Update was not in the Admiralty Update release, so I expect a separate release is being prepared. However, it was not released today? That suggests to me that there must be something HOT going into it and its not quite ready yet.

But the next item on the corporate objectives sounds pretty hot too...

b. Issue final tender document to tender finalists regarding the Rincon Salar off- take and agency agreements.

Or...they could be waiting for Shougang to sign off on the 40m credit facility.

Its possible they could hold the EGM the same day as the AGM (ie 28-Oct), as Marc10 suggests. However, that is beyond the June-Sept quarter. But even if they decide to do that, it means the demerger has to be announced sometime next month instead of within the next 2 weeks. Thats not long.

I reckon PT is not happy with the sp at 13c. Particularly after he just talked YA Global into accepting a US$5m convertible note at 17.5c. PT must have done a very convincing job with YA on the payback option -

"we intend to repay both the Hawkswood loan on 30 September and the YA Global facility"

Thats next month too. I don't know about you guys, but I'm loading up big time!