Port Phillip Publishing are no longer promoting MOL. Company 3 is NOT MOL. They issued a stop less SELL order (reluctantly) in early/mid-October. They said that while they still liked the story, the failure to raise the financing was a significant negative.
They issued the Stop Less sell when MOL was around 80c saying that if it dropped 20% then subscibers should cut their losses. That happened, and they issued a follow up note confirming they were OUT.
So...no ongoing promotion from portphillip for the time being.
One needs to be very careful now...the mining BOOM is over (but maybe not the mining "boom") and so a lot of projects just will not get funded. We all agree that MOL is not a small project -it is a MAJOR mine development - but we can all see the difficulties they have had, and we may struggle for some time yet but for smaller projects looking for funding, the BOOM times are over and people need to be careful (IMO) with allocation of capital.
As for MOL share price...we don't know how much of their stake Harbinger are selling, but at least there is depth on the BUY side that we haven't seen for some time. I guess if the selling can be soaked up, maybe the price will rebound a little in the new year. I bought more at 37.5c but the seller has re-emerged so it seems to me you can acquire stock patiently at the moment.
No rush. Its a high risk hold/buy now.
Coop
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