If BMM was the seller at 9.5 then why buy at 15.0? doesnt make...

If BMM was the seller at 9.5 then why buy at 15.0?
doesnt make sense.
If the SPAC is the buyer then BMM have to launch t/o due to related entity rules at over 20% & they are already in breach as they would know this as they read this out to AF in 2018 when he tried the 51% underwriting of the CR then & lodged a Takeovers Panel complaint against him, remember.

If AF was the seller then BMM have a marginally stronger hold but have been diluted by this $25M raising thats not to them.

The buyer must be a 3rd party
It must be MD.
PH implied this at the AGM he was looking for fresh blood, a 3rd party large holder who must have over 6% now & may declare soon.

The SPP is dead in the water, buy at 11.0 for shares you can get today at 10.5, I dont think so.
The INSTOs want our shares & dont want us small fry involved at all.
means a big deal is happening here.

PH now has a warchest of $30M cash at bank and NO DEBT.
He can almost fund BS startup cicrcuits 1 & 2 for $37M with no one else barely needed.
The scoping study showed BS plant can restart faster and cheaper than thought with a capex saving of $400M producing in 6 months.
Only a non BHP offtaker would require this, like Trafigura, Glencore, Jinchuan Tsingshan

If I were PH i would -
- start the BS plant refurb of circuits 1 & 2 now (takes 6 months but likely 4 months fast track)
- sign the offtake with Trafigura with $40M credit line, stuff monopolist BHP
- drill all around ST, hole 31, BS disseminated, Gosling & Upper SS
- issue the DFS for this mine plan now
- start up GS & SS mining & use the 1MT ROM pad ore first

Then the EBITDA would go to $66Mpa now and $240Mpa in 9 months & maybe $300Mpa in 18 months & SP would take off leaving the cappers in the dust.