The SOP PEA adds a whole new dimension to AAA. A corporate action to spin off the SOP assets into a new entity could bring a lot of rapid, positive change for shareholders. The water rights acquired by Allana for the MOP operation are sufficient for 1 mtpa for MOP + change/contingency. Recharge rates should be sufficient for I believe in excess of 2 mtpa. So why did Allana only secure enough water rights for 1 mtpa so far?

Well, either the Ethiopian government didn't want to give Allana more exclusive water rights or Allana didn't ask them for them. The only reason I can think of that Allana might not ask for it is it's been "saved" for the SOP spin off entity. If a new SOP entity with enough exclusive water rights for 1 mtpa operation can be achieved, that entity could spur ICL into action because the SOP entity would have everything it needs to operate independently of Allana MOP.

As far as I'm aware, all of ICLs shareholder rights pertain to Allana's MOP operation and would not necessarily apply if the company spun off SOP assets into a new entity. ICLs rights could apply if the board chose to make it so but ICL doesn't have enough directors on the board to outvote LMM, IFC and management. This is important, because it is in ICLs interest not to exercise warrants until just before expiry. It is in ICLs interest to let Allana dilute further to fund non-debt Capex requirements becaues it gives them a greater % ownership at the expense of retail shareholders (and possibly other insitutional shareholders if they don't partake in any future PP).

So if ICLs shareholder rights don't transfer - it means right of first refusal is off the books. It means ICL must exercise warrants early (which could cover a lot of the $560 million - $500 million debt remaining of the Capex for Allana MOP) or forgoe increased ownership of the SOP entity. It means Allana SOP all of a sudden becomes more favorable for another player to take a run at because ICL cannot prevent another player from acquiring a majority position short of offering more money than them.

I might be reading way too much into this (very possible), but this is potentially a brilliant move by Farhad to recoup some of the shareholder value that was lost in the ICL deal, which he may well have known was a bad deal for long shareholders but necessary to move the project forward in the given market conditions.

I know I sound a bit like a Farhad cheerleader, but he has consistently demonstrated he is very clever. I want to think this is what he has up his sleeve. Maybe it is, maybe it's not. We'll see, but I'll stick around long enough to find out.