we have jorn, page-74

If as some are suggesting the SP is being held down by parties associated with our JV Partner to keep the bill for a reverse takeover / merger as cheap as possible then Exergen will be in conflict with MNM's management who then would surely not be cosying up to Exergen as they are both now and for the long term.

2 points to consider:

1) The Chairman owns 25mn shares - he will not give them away cheaply.

2) a major part of IK's incentive payment for being MD is 1mn MNM options with a strike price of 25c. If management allow MNM to be consumed for say 30c then IK's options will produce a profit of only $50k or $10k a year for his time running MNM at a tiny salary.

imo a takeover deal like this makes no sense if management are not behind it.

Exergen only want the BC anyway so why take on all the other stuff.

We have to be looking at a spin off of the non BM assets into a new company call it MNM2 which will handed to existing MNM shareholders (what will happen to the options will need careful thinking about).

MNM will then consist of just BM which Exergen can reverse into leaving existing MNM holders with a minority of the new MNM/Exergen company and all of MNM2.

That makes sense to me as long as our leaders can negotiate a deal that is good for shareholders. Our chairman recently acquired some stock to take his holding our 10% so the magic 90% at which compulsory purchase of minorities becomes mandatory become inpossible without his agreement.

Alternatively of course Exergen just floats by itself but that would potentially dilute the existing shareholders who have enough cash anyway.

No wonder this is taking time the various outcomes are endless in their form and need careful consideration by management of both companies.

Bewildered ... I am

EB