Ann: MD&A to 30 September 2022, page-11

The writing had been on the wall, and clear for the last year. A Port won’t be unlocked anytime soon. Management knew this, the last serious manager who left MIO in the middle of the night had been spruiked as strong within the Port circles.

Obviously, this was unsuccessful and a new direction was taken to spin-off assets, then trickle MIO cash into IMI. All at the expense of the share holds.

I suppose selling off MIO would be an issue to management as it comes with 20% of IMI. Note the doubling of IMI hasn’t impacted MIO sp.