Even though an EGM is required to approve the new arrangement with Monash, it won't stop Monash depositing the remaining of the $6m before the EGM. The EGM will basically require shareholders to vote the new arrangement retrospectively.
It makes no sense why nervous nellies sold at 1.2c today whereas (someone in the know....ie Monash) paid 2c today.
The announcement did not say that Monash was having difficulties sourcing funds....it stated that Monash was frustrated with the delays in receiving the funds.
Finally, the announcement did not say that ECT will be considering alternative funding options (2nd last sentence) ... it stated they have already taken measures to secure funds short term (as per last announcement).
IMO today's announcement was positive.
ESI Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
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