Lepidico Limited (ASX:LPD) Managing Director Joe Walsh discusses the company's rejection of the Lithium Australia takeover and Lepidico's key objectives for 2017.
Lepidico's share price has performed relatively well, but I believe it has been arguably held back by this grossly inadequate offer by Lithium Australia (ASX:LIT).
Our share price is up 25 per cent since the offer was announced, and unfortunately for Lithium Australia their share price is down by an equivalent 25 per cent.
The take-up of the Lithium Australia offer has been minimal and almost embarrassingly so. Just 0.26 per cent of Lepidico shareholders have accepted the offer that aren't subject to pre-bid agreements. The shareholders have been extremely supportive of the board and the company strategy.