I think this thinking is unrealistic. Of course they want a bigger chunk to sign over the last 45% CL. Its effectively their last chip to bargain with. Human nature to want more imo.
Sadly all the shareholders crying foul are partly to blame for the big price paid. Its a reflection of how the market have reacted to 55% ownership. Let's be honest - they got it bloody cheap compared to others.
If QBL was say 75m MC before the ann, and we assume 10m cash and a generous 5m for bauxite assets, the balance 60m is the inferred value of MCL.
60m / .55 = 109.09m whole value of MCL. QBL got the 55% for under 1m, a steal!
The 49m odd balance at 4.9c/share = 1bn shares. And AK and others would have wanted a premium, for both giving up final stake and staying on board. And lets face it - what choice did QBL really have when the ASX forced their hand?
