Musings21 Jul 2023 21:40
So... the plant didn't get up and running as expected, so chinese investors pulled plug on deal 90 day payback on advance funding. PREM called force majeure due to plant machinery failings, probably to buy time. I hope its watertight, but we do not know this. Quite apparent now chinese were intentionally trying to screw them with short term on payback as if anything went wrong had them over a barrel. They probably saw it coming miles off if that is their aggressive style and GR missed it (but what about those around him, it isn't just him?). Chinese want them to go bust and buy up whole mine and resource for peanuts. CEO now called SGM for 12th August, issue new shares to tune of sum to pay off chinese. Massive value dilution short term but would **** the chinese off and blow them out of deal. To complicate the chinese own 13% of shares so needs massive turnout on votes to issue share capital. Game of chess. Major major high stakes. The plant is about to produce huge amounts of lithium (unless everything we have thought for years is wrong, including the chinese), and cash but race against time re chinese legal challenge. Chinese know its there.
We should back PREM on this vote. This was a mugging all along.