Sale process has NO renegotiation clauses.....It is being sold for what was agreed 12 months ago...It doesnt matter if the NI price goes to $10 or tanks to $3...Price is agreed and cannot be changed.
Completion time lines of the sale"expecting full closure of sale by the end of July"
We can expect zero payout as the creditors when paid will leave NOTHING.
The above is actually what is happening and this will not relist.....
IMHO we have all been shafted, but proving it in this intertwined complex dealings is both impossible and in the too hard basket for anyone.
It seems when you look at this closely that their plan was executed to the last detail..
They do a DOCA and put in all directors(their very own puppets), they knew the NI price was going to tank(had a different plan if NI rises?), they sell 20% of their holdings and brings there capital down to in the end $110m, they refuse funding to get them through the tough times and forces Directors(their puppets) to go into VA, by going into VA brings into play the default clause where all debt becomes immediately recoverable(there was also a $60m recoverable owing on the books, dont know too much about this)
So in total, the main secured creditors out of pocket expenses were $110(after they sold down) with debt to be paid in full would mean they are due Around $310......
Now can people see why they have been clever/deceitful?
They push a DOCA through that was either going to win them big,big money if the price of NI went through the roof or they were going to earn big money if it failed.....
So the price of NI didn't really matter to them as they had planned for both foresight's and decided to cash in.....
They were expecting a quick sale but in reality they had 5 yrs to complete the sale in timelines with the DOCA, so they will make around $200m in around 3-3 1/2 yrs for a failed prospect.........Now that is what you call good business, making 200m on a failed investment.....
The only failed investment for them is not holding on and gambling on NI recovering to earn 5 x that, but then again these types of funds dont gamble if they can make $200m then they will take it and so they have and in this process it means everyone else gets shafted...
Their timing to everyone else was bad, especially to us holders but to them they simply just could not lose...
We can expect nothing, we will get nothing and their is NO white knight re-listings on its way....
Reality is hard and doing due diligence on this after its hurt my pocket makes me even more frustrated that all along we were sitting ducks just waiting to be shot and theres nothing anyone can do.......Hurting even more on the "what ifs" if we were still listed......
All the best
Matt
MBN Price at posting:
8.3¢ Sentiment: Hold Disclosure: Held
