A possible option for resolution of the TO issue. Leadenhall...

A possible option for resolution of the TO issue.
Leadenhall will advise ASIC that they (ASIC) are not experts in the type of financial analysis required to make the call they made, particularly when they did not comment on the concerns about the BDO report raised by Leadenhall. They will request that ASIC forms an expert committee to address the issue.
ASIC will either drop their allegation or set up the committee. The latter option and subsequent interactions will take months. LIT will insist that they keep the TO bid in force until the Committee resolves the issue.
During this time, the CPC report on the large-scale pilot plant will be released and may indicate where the plant should be built. This may also provide a clue to how it will be funded.
In addition, the CPT Research Report on the SiLeach international patent will show there is no impediment. These developments will boost the LIT share price.
Li-Technology Pty Ltd, having conceded that SiLeach was not a development of L-Max in February this year and recalling the good cooperation with GXY/LIT during the evolution of L-Max from K-Max and the subsequent mini-trials using lepidolite from LIT’s Lepidolite Hill and 650 kg of zinnwaldite from Cinovec, may conclude that L-Max can be subsumed into the broader technology of SiLeach. The best way for them to continue to use their high-level hydrometallurgical research capability will be to join with LIT to develop new procedures to address the many challenges still confronting hydrometallurgical research
Li-Technology could negotiate a transfer of their 30% holding in LPD to LIT. This would take LIT’s holding to around 47% of LPD and after obtaining another 4% from either an institution or by buying on the open market (for approx $1m,) they would have over 50% and take control of LPD.
The Li-Technology-LIT association will become the dominant force in Hydrometalurgical research for years to come. Plant costs will not be duplicated facilitating faster progress to commercialisation.
I believe LIT is pursuing the TO, not because it needs L-Max, but because it wants to amalgamate the excellent Li-Technology research capability with its own.