Clarity would be explaining why Nathan Mitchell, Chairman of both MSV and Adaman Resources and substantial shareholder in both, would allow MSV to continue working on a project for what would appear to be well over 6 months without being paid, when he would presumably know full well that the project wasn't performing and generating the cashflows necessary to pay its suppliers.
The company hasn't provided any real explanation on this related party issue. All they've said is that SMS is the defaulting party and they are chasing them. Well that would be the minimum amount you could possibly say IMO (how could they say less? "undisclosed party has defaulted, we aren't going to tell you whether we are chasing?").
And now we find out SMS has counter-claimed. Again no details provided whatsoever.
If you feel that is an adequate level of disclosure for an ASX listed company, well of course you are entitled to that view. However I would respectfully suggest that you do not let the size of your financial commitment cloud your judgement on this issue.
And note I am not saying it is a bad company or a bad investment. In relation to the underlying performance of the business I largely agree with you. But in light of this serious issue I cannot agree that board oversight has been excellent. You only need to catch a friend stealing from you once to conclude that they are not trustworthy (yes it's a metaphor, I'm not suggesting that Nathan stole from anyone).
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