That quarterly cashflow report was dire reading. Cash down to...

That quarterly cashflow report was dire reading. Cash down to $11.7m, and legal bills keep climbing. And they stated that they were in discussions to raise capital.

The only conceivable reason I could see them needing to do a placement (and they have 15% capacity) would be to bring a friendly party on to vote with the rotten management group and defeat the MMGA crew. What sort of price would they give to an incoming friendly party? There are 3.53 billion shares on issue and cash is 11.7m - I see no reason for a funder to pay any more than cash backing as this company has no assets and a lawsuit that is draining cash quickly. Cash backing puts this at 0.3c per share.

Say they do a good deal, and some friendly pays 1c a share for 15% of the company, for $5.29m in cash for the sole purpose of blocking new management that actually might resolve the Congo deadlock. How does that make retail shareholders feel who paid up to $1.33 a share for theirs?

I trust this management like petrol station sushi. Even lower than politicians.

People need to start asking some hard questions of this debacle - is there a placement going on before the AGM?