VAs Report, page-83

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user23

3,914 Posts.

05/04/16

13:07

Post #: 17425376
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Originally posted by jantimot ↑

No, these are not facts. If you actually understood what the VA was saying, you would be a liar, but I don't think for one moment that that's you so let's just call it misunderstandings:

"As indicated in the VA report, MBN was never insolvent when the VA was appointed"

He actually said the opposite. He said that it wasn't insolvent for any material time prior to his appointment. That means that it wasn't insolvent for say, more than a month (or possibly two) prior to his appt. The crime is to be trading knowing the company to be insolvent. Unless there is a definitive moment (for instance, a major debtor declaring bankruptcy) there is rarely a point where one can say "Insolvent!! Call in the VA." The VA has stated that they were insolvent, but not for long enough before his appt. for it to be able to be considered "trading whilst knowingly insolvent".

"One of the SCSN was willing to provided additional funding but that fall through"

No. They were not willing to provide funding because there was no security available.

"From the MBN statement, the 11M USD VAT refund was more than enough to balance them financially"

No, that was a statement reported in a newspaper, not an MBN statement.

"So they are not burning a lot of cash unlike the other nickel producers that are making huge loss due to their high production cost and low nickel price."

As tomboy says: "Any opinion based on figures to 24 Sept without current figures is reckless." And for possibly the first time he is correct. You cannot possibly say what they are achieving as far as COP, cash flows or losses as you have absolutely no information.

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MBN Price at posting: 8.3¢ Sentiment: Hold Disclosure: Held
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