The downrampers seem confused about the entitlement offer, about how Directors have participated, and how it effects the balance sheet upon completion.
MMR had three outstanding liabilities as at 30/6/24:- Money owed to BPH Money owed to Directors Money owed to Advent
With the proceeds of the entitlement offer, it is proposed that the debt to BPH will be repaid in cash. With the money owed to Directors, each has elected to offset the amount owing with new shares. With the money owed to Advent, Advent has elected to offset the amount owing with new shares.
Therefore, post completion of the offer, it is envisaged that the company will have NO liabilities.
The company will have a forecast balance of over $3M in cash, a $4M asset by way of a loan from MMR to Advent, NAV of circa $7M. That translates to an EV of $0 for it's other assets which includes it's 38% stake in Advent.
JMO. DYOR. GLTAH.
MMR Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
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