I understand your frustration about the games played on the exchange and how small investors regularly get screwed. Given some of this is being generated by hostile governments it is in my opinion long past time our politicians and regulators did more to level the playing field to protect us and our nation's interests.
In all honesty with MLX I do not know what the hell is going on but would make a few points:
(a) Yunnan Tin has had a long standing and responsible relationship with MLX that has worked like clockwork. I have looked at this JV as evidence that business can be conducted with the Chinese. Yunnan wants access to the tin and have that. Why would they want to rock the boat?
(b) With the advantage of hindsight Nifty was always marginal and a bad call. Just have a look at what a tonne of ore is worth at Nifty and a tonne at Renison and where the projects are located. We should have stayed in the gold mining business if we wanted a second division. We made a mistake and we need to regroup and move forward.
(c) Blind Freddy can see that without manipulation MLX shown be a 20 to 40c share based on its assets and prognosis going forward.
(d) I think that one of the more significant posts on this thread is by Cashmeout bringing Greentech trading to our attention. I do not think even God knows what is going on behind the scenes here but it appears a group of Hong Kong Chinese are attempting a corporate raid strategy that has been used successfully many times in the past. Namely obtain a sufficiently large position so no other player with the required resources has the room to make a play. Mop up the small buyers by dribbling shares onto the market and cross trading to establish a low share price profile and at the appropriate time make a take over offer.
For Greentech shares to be behaving as they are this must be common knowledge in HK.
(e) I cannot see this working as they do not have a sufficiently large position and most MLX share holders are intelligent (sorry about the compliment) investors who do their research and that is why they own MLX in the first place. Few will accept a low ball offer. I think Greentech continue to dump and hold the shares down in the euphoric belief a huge killing is around the corner. On top of this shorters may be trying to keep the price down so save their arses. It does also appear there is someone with deep pockets happy to accumulate at 11c / 11.5c as they boys sell them. The ant in the wood pile is if L1 is actually in cahoots with the bad guys. This seems unlikely as they supported management in the recent vote so are probably white knights paddling their own canoe. If not we are in trouble.
I am a little perplexed why this volume of trading is not reflect in notices of changed holding notices from major shareholders. Perhaps there is a lot of cross trades between mates?
I found MLX six years ago and have held them since. I see this as an opportunity I never thought I would never have. I have loaded up big time for me and intend to go long. I hope I have this right.
I would appreciate feed back on the above and other views on what the hell is going on.
Nonlinear, out of interest was the Canadian raid the Merlin Moly / Rhenium project near Cloncurry? If so I was screwed as well.
Best wishes,
Tasidevil.
MLX Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
(20min delay)