equity finance fiasco - 500% interest
Can you believe it??
Last week the ASX required a 'Please Explain' from Ballintine after the share price pumped by 0.3 of a cent to 1.8cents, then by Friday last week it's back to 1.5cents. By Monday (today) it mysteriously pumps again to 1.8cents, a gain of 20%, and after market close Ballintine makes an announcement of ANOTHER 10 million shares thrown away (value $150K)to retire the Equity Finance LOC. Unbelievable.
If we're to believe the recent announcements concerning MULs now inFamous Line of Credit, Ballintine (who is currently the Exec Director, Managing Director, AND Company Secretary of this 1-Man 'Clayton's' Public Co.) has wasted $560,000 worth of the company's shares to activate and then retire the LOC within just 2.5 months in order to raise a crappy, and insignificant $525,000 in working capital out of a possible $10m !!!
Can you believe this - it equates to MUL paying the equivalent of approx. 512% interest to raise a small amount of working capital. At a time when mortgage rates are only 7%pa., Ballintine doesn't even blink when he commits the company to an interest expense of OVER 500%. Who's really pocketing this money??
And anyway, did MUL voluntarily retire the LOC, or were they forced to ??? Makes you want to get an answer to this question at the General Meeting on June 16?
ASIC & the ASX must investigate all these glaring irregularities going on or it's the shareholders who are going to suffer once again.
Be Warned.
MUL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
