Special CommitteeHot off a good convo with team LME.
Special Committee is a really specific term. Remember that once any transaction is completed the OSC and Provincial Court have to examine the entire process and approve. Keeping the process totally squeaky clean at this stage is what makes is run smoothly after the fact. Cynthia is and always has been laser focused on ensuring the procedural integrity of the process is precise and intentional.
There has to be a buffer between LME representatives at the table (with shares = interest) and any financial intermediary so there can be an impartial evaluation of all aspects of any agreement presented to the Board. Fairness to both sides of the deal is part of that buffer but the primary objective is to ensure fairness to shareholders.
So you can see why the Special Committee in any transaction is critical. Think oversight as opposed to negotiation. This is also why we don't get to know who is doing what in which role as that type of disclosure may in fact bias the impartiality and move the process back to square one.
My opinion - I couldn't care less about who's in what role on whichever committee. As our new poster points out, the formation of the committee is what matters in terms of outlook. This is a critical step in common with various other transactions we've seen. Says nothing to inform a timeline but the headline is that another important step has been taken with a lynchpin partner in a role that MUST exist.
Add that to all the other reasons for postivity and I think we should all be very happy shareholders at present.
Hope that helps,
Steve