Final Countdown 2.0, page-791

3) MMR is currently under ASIC investigation according to the MMR news release 16/12/2019 TOV: MMR Panel Declines to Make Declaration. They say:
The takeover panel referred MMR's situation to ASIC for investigation, it reads:
• The transparency of the Rights Offer and subsequent fundraising, with potential inconsistencies in some of the details regarding MEC's need for funds, use of funds, future capital requirements and future direction.
• The transparency regarding the placement of shortfall shares following the Rights Offer, and the basis for allocation decisions regarding the placement, including the apparent relationship of placees to the placement agent.
• The apparent failings of recipients of shortfall shares to lodge substantial shareholder notices.
• The difficulty experience by at least one of the applicants obtaining a copy of MEC Resources' register of members and
• Some curiosities in some of the statements made to potential placees that remain unexplained and the nature of the relationship of the placement agent to the company and to the placees which is the potential concern.
33days later, MMR went into suspension and has not been reinstated since. They try to tell shareholders that it is because they are waiting for Advent, however, I think it is because they are halted for ASIC. MMR has not updated its shareholders on the progress of the ASIC investigation.
MMR_TOV _MMR_Panel_Declines_to_Make_Declaration.pdf