I actually think the best way of actually getting Tianqi to complete the current deal in a timely manner is by current shareholders putting pressure on the current board, and opening up the possibility of the change in management and going into administration/defaulting on debt/legal challenge for breech of contract.
Tianqi clearly want the plant, and would not want to risk it being sold to a competitor, or to end up in a protracted legal battle/default in Australian courts. But with a our compliant board, which lacks any degree of foresight, they might see a continuation of their current tactic slow strangulation as viable. If, however, Tianqi think they might have to negotiate with a more combative board, or deal with an impartial administrator, they might actually pull their fingers out of their bums and complete the deal.
GXY Price at posting:
2.5¢ Sentiment: None Disclosure: Held
