Only Marsye To Go!, page-30

Well these events are lining up: Take Over by the Note holders

- VA Appointed due to liquidity issues – look at cash balance in June QAR
- Directors have no role when VA appointed unless DOCA is on the cards and current directors can pull a rabbit out to make things all ok
- My thoughts are that the board tried to secure funding from the noteholders and they chose not to give it to MBN and let this happen.
- Appointment of a VA is a default under the noteholders security so the noteholder can appoint a receiver and take control of the whole box and dice.
- Last time this happened the DOCA gave old shareholders 1.8% of the company because the noteholders wanted to keep the ASX listing
- On this occasion I think the Noteholders wants the lot therefore this DOCA will be the noteholders get everything but possibly a token payment to shareholders to get 100%
- The noteholders will still need the shares in MBN to give the perception to the Brazilian government that there is no change of control so they can keep the license.

I feel that with this coming as a surprise would in my opinion suggest that the board were negotiating with the noteholders to get funding. Either way as the main holder any fund raising would need their approval. With this the noteholders could see insolvency on the radar and chose to let it happen. I think a lot of comments on the board have been harsh. I think it’s the noteholders that have caused this and the board had no choice. The VA is being controlled by the noteholders and lets see if the VA can still find a way for all shareholders and not just the noteholders.