hey buddy
the last CR at 138c was 100% all AF
the one before that in 2022 at the peak was at ~240c!
the one before that in Sept 2021 was 128c
MCR has been SHORTED since April 2022 & in a downward bearish spiral
this is a hostile bid
I cannot see the MCR BOD accepting the bid imho.
MCR BOD LOVE BHP
yet they allowed AF onto their share register as the SP collapsed from 270c to 140c.
MCR BOD have been in operation a long time
AF has a long history of controversial bidding -
-WSA BOD ignored AF and went with IGO under a SOA who changed their bid to cash after AF took a 10% stake as they didnt want him n their share register, insulting!
-Noront BOD ignored AF bids and went with BHP instead but caved in after BHP didnt counter)
-AF moved on POS in 2018 proposing a 51% underwriting poison pill defence after BMMs bid which he backed out of instead taking 17% & 19% respectively which he then sold down to 1%, LOL.
-Ravensthorpe was taken by FQM in 2009 after AF lobbed a $300M bid using POS but the BOD refused it going with the lower $280M bid from FQM instead, insulting again!
- AGO, he & FMG took a 20% stake to block MIN & Ginas bids which they called a "strategic stake" but then flipped it for a pathetic 25% margin gifting Gina now $15B for then $450M & throwing us LTH aussie battlers under the bus for a pathetic 4.5c ps
This history is not at all rosy.
AF on your share register, is POISON (other than FMG).
Just look at ANL AGO AHZ BWX PAN POS WSA
MCR BOD might consider asking BHP or IGO for help but they both have recently taken on massive debt to fund their own t/o of OZL WSA
MCR could, like AF did in 2018 with POS, call a TH and poison pill him with a gifted 20% CR stake to BHP offmarket & then the litigation would fly.
BHP is key here as they cant let their offtake be prised off them.
and AF is in a NI war with BHP. This is the first salvo.
MCR Price at posting:
$1.47 Sentiment: Sell Disclosure: Not Held
