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" 'Assore ‘disappointed’ by Atlantic Lithium takeover rejection"
Writer, Alliance News
Wednesday, November 15, 2023 - 13:54
"Assore International Holdings Ltd, the major shareholder of Atlantic Lithium Ltd, on Wednesday said the latter missed out on an ‘attractive’ deal by rejecting its acquisition offers.
Atlantic Lithium, which has lithium exploration and development assets in Ghana and Ivory Coast, said on Wednesday morning that it had rejected two non-binding indicative takeover offers from Assore, a Johannesburg-based mining company.
Atlantic Lithium shares surged 21% on Wednesday morning after it disclosed the rejections. They were up 22% at 25.24 pence each that afternoon.
In both approaches, the first of which was in early October, Assore offered to pay A$0.63 or 33 pence per share in cash. However, Atlantic Lithium believed the proposed consideration ‘undervalued’ the company and its future potential.
Later on Wednesday, Assore responded that its offer ‘represented a highly compelling opportunity’ for all shareholders to ‘realise certainty of value’ on their stakes in Atlantic Lithium. It noted that the offer price represented a 54% premium on Atlantic’s closing price of A$0.41 or 21p per share on November 6.
‘Assore is disappointed that the committee has decided not to engage with [us] to facilitate its
shareholders receiving the benefits of the proposed offer,’ the firm commented. The offer, it added, would have ‘delivered an attractive price and the certainty of a fully funded cash offer from a party whose strong knowledge of the business, and industry, would have enabled speed and certainty of execution.’
Earlier on Wednesday, Atlantic noted the near-term producer status of its Ewoyaa project on the Cape Coast in southern Ghana, as well as a pending investment from the Ghanaian government’s Minerals Income Investment Fund. It also believed Assore’s offers did not account for ‘the positive near-term outlook for lithium project developers.’
In its response, Assore said it had ‘actively supported’ Atlantic Lithium’s work on Ewoyaa, and ‘in its establishment of a strong and mutually beneficial relationship’ with the Ghanaian government.
‘As Atlantic’s major shareholder Assore looks forward to the government of Ghana’s
continued good relationship with Atlantic and continued support for the development of Ewoyaa,’ Assore added "
Assore?........ Or is that toooo obvious? ;-))
Out in the open now.
25p!
Incapable of recognising that a) Assore may offer more, b) Atlantic is now very obviously on the table at >33p.
An opportunistic t/o now looks far more probable. I doubt IIs are selling for a quick 20%.
Rare data driven objectivity here
https://youtu.be/9kNIyTQ2jeM?si=c2pCSvdkcxpAIkkQ
"I think that our SP is suffering due to the general bad press surrounding lithium ion batteries.
I originally invested in lithium miners because I saw Li-on batteries as the future for smaller applications, including EV's. I have now changed my mind, due to the volatile nature of Li-on"
In promoting the as yet un-commercialised solid state (lithium metal) battery technology and saying Li-[i]on is 'volatile' I'm assuming you are thinking of the current media clamour to pin any vehecle fire on lithium batteries? The facts are very different from the perception.
https://www.autoinsuranceez.com/gas-vs-electric-car-fires/
Insurers will be very keen to know those facts as they will be paying out. As am I, particularly if there are stories potentially impacting an investment. Scare or fact?
With pure evs I have little concern that the take up will stall to any significant measure and that the media obsession is a mix of click bating and attempts at influencing from the ICE/oil lobby.
Https://piedmontlithium.com/piedmont-lithium-reports-third-quarter-2023-results/
"Over 900 Ghanaians to gain employment in Ewoyaa Lithium project"
https://www.ghanaweb.com/GhanaHomePage/business/Over-900-Ghanaians-to-gain-employment-in-Ewoyaa-Lithium-project-1875569
Klein picks up on Jonah concluding down stream in Ghana will take a very long time to happen. ~33m30 in.
https://youtu.be/qIiexsDb2Mw?si=N9KxEBZth0vYPluI
Also comment on Piedmont/Atlantic under valuation ito and the (long awaited) market turn as inventory expires and EV demand is not collapsing despite what media may report (or is that wish for?), but merely growing around 40% rather than last year's double that.
Be one an OEM or an 'umble PI this time of misery is THE time to buy..... if one can!... aisi.
Https://www.modernghana.com/news/1270941/lithium-how-ghana-leaders-have-ripped-their-peopl.html
Https://oilprice.com/Energy/Energy-General/US-Forges-First-Link-Of-Lithium-Supply-Chain-In-West-Africa.html
Here's an interesting quote
"Piedmont Lithium is also the second-largest shareholder of Australia-based Atlantic Lithium, which is leading the Ghana project. Both companies will take advantage of subsidies granted under the Inflation Reduction Act by the Biden administration"
Well, that would be nice.
Would need a bit of confirmation tho.
I suspect it's a few holders offloading having just seen the cash position (as of September end) and concluding there is a probability of a market raise dilution.
But have they grasped that MIIF put in their investment any day, Piedmont are paying half the exploration bills (balance owed 2m) and that just now Atlantic's cash burn is tiny?
Not that I see 35p any time soon.... unfortunately.
Atb.
Https://www.peacefmonline.com/pages/local/news/202310/494814.php
Https://www.finnewsnetwork.com.au/archives/finance_news_network447196.html
Indeed Ainsley. Always I port to research where a mining investment is on the curve.
Speaking of such (I do love when something highly amusing comes up) check Mr 'last spin' on the ATM forum.
https://www.scotland.com/blog/caber-toss-scotland/
"Here's my suggestion for everyone's urgent consideration: If ALL really Is dead in the water, while Andrada is poised for a big move upwatrds..."
ATM went through the lithium filter some 30m back. I found it lacking then but out of curiosity I've just had another look. Prospects even bleaker now.
900t/y Tin production: AISC now only marginally below spot so trivial cash flow there.
Lithium:
1/ petalite: unpopular resource for concentrate, trading around 1k/t for 4.5% concentrate, 3y+ away from production.
2/ spodumene: drills showing av 10m at av 1.2% li2o, chance of enough to be economic, 5y+ away from production.
Financing: Looking and not finding co buyer/development partner. Can't anything but 3+ years of dilutive cash raises ahead before any decent earnings.
Country: Namibia cracking down on mining
https://www.scmp.com/news/world/africa/article/3239060/namibia-orders-police-stop-chinese-firms-lithium-exports
Further cost risk.
I won't be investing.
ATB.
This one:
https://youtu.be/m-HHZswHohM?si=miTJUWryctgO-P_Y
From 8m in.
Another thing to note on the depressed valuation is aisi there will be little in the way of any speculative takeover premium with Piedmont about to take a near half share ìn the mine a buyer would then find taking Atlantic would only provide a minority stake in Ewoyaa.