Assore bid was £222m, so should sail past that on Ratification in February. current Market Cap is only £80.90m15 Jan 2026 15:23
Assore bid was £222m, so should sail past that on Ratification in February. current Market Cap is only £80.90m
Here's the previous offer from Assore for the company:
In November 2023, Assore International Holdings made a conditional, non-binding offer to acquire the remaining shares in Atlantic Lithium for £0.33 per share (A$0.63 per share), which valued the company's entire equity at approximately £222 million (A$420 million).
"The Atlantic IBC and its advisers gave careful consideration to both the NBIO and Prior NBIO, and determined in each instance that it undervalued Atlantic Lithium and, therefore, was not in the best interests of shareholders, having regard to the near-term producer status of the project, the status of the pending investment from the Minerals Income Investment Fund and the positive near-term outlook for lithium project developers."
Following Admission of the second placing to Long State, the Company will had 748,525,602 ordinary shares in issue.
£222m divided by 748,525,602 is 29.66p per share.
With Ratification, Atlantic has a project that's worth a lot more than back in 2023 when Assore offered £222m for it yet it did not have Ratification, the risk of owning the project is significantly lower with Ratification, as it is then a project ready to produce commercially just as quickly as the owner can build the mine or bring in Modular DMS.
If £222m was not enough in 2023, what was, as far as the Directors were concerned? The fact they did not negotiate but flatly turned down the offer says it has to be a lot higher, not a case of pushing them to say £300m but a case of it being so much more that it wasn't worth going to the table based on that offer. £400m? £500m More??
I'm sure the market will quickly wake up to the above once Ratification is received, the brokers/analysts get their notes out and the word gets round.
There is of course, as many have said, that Assore could come in with a new offer after Ratification, or one of the other big Lithium names, maybe even Piedmont themselves, or a Chinese Battery OEM like CATL that's had it's Chinese mining operations restricted by the Chinese Government. If an offer was to come in, unless it's a crazy figure then I could easily see counter offers coming in and driving the sale price above the figures I just mentioned.
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