I would consider it more probable that a demerger could well be...

I would consider it more probable that a demerger could well be in play. If so, a new SYA director with M& A experience will help protect all SYA owners interest.

The most likely scenario in my view is that PLL will seek to acquire SYAQ and full control over NAL. The funds to help kick this along may very well likely flow early next year - after the first couple of shipments to PLL's offtakers.

I simply state this because in my view PLL management will be highly motivated to keep that revenue stream going from the profits they glean from the SYA PLL deal. They have 25% interest already in the joint venture and would not willingly do anything anytime soon to put that arrangement at risk.

PLL claim to have 'significant influence' over SYA. This claim is going to get more and more tenuous as time going by and PLL % share holdings in SYA drops. If they don't do something soon they will have a hard time claiming significant influence. If they can't claim 'significant influence' or convince their auditors they do have 'significant influence' then they can't record their 25% share of SYA's profits or losses as a line item in their own income statement. That would likely not be something PLL would want to happen. They will want to report to the market an income statement with a strengthening revenue stream, supercharged by the 25% SYA profits they can report as their own - but on only if they can claim 'significant influence' over SYA.

This is more likely than a hostile bid - after all who would want to unscramble an egg of a company with various joint ventures including government interests?

Just a thought, probably totally wrong, but to me a live scenario.