Here is his response
As you are aware Morella Corporation Limited (1MC) established an Unmarketable Parcel Facility (Facility) in May 2024 to enable small holding shareholders to sell their Shares without incurring any brokerage or handling costs.
The Facility was very successful and in excess of 8,800 holders with holdings amounting to in excess of 11.50 Million shares are participating in the sale facility. Your holding is included within this facility. These shares were transferred to a broker, selected by the Company, to realise these shares for the benefit of shareholders.
Unfortunately, as a result of the current economic climate there has been a significant decrease in the value of mining stocks especially those associated with lithium explorers. The trading price of 1MC shares has fallen significantly since the announcement of the Facility and the volume of trading stock is at a level that at present 1MC is unable to sell the Facility Shares at a reasonable price that reflects true value.
Until all the shares are sold, we cannot pay out any funds as the broker needs to determine an average sale price that will apply to all holders.
We continue to monitor the market but until 1MC shares have a sale price and volume that reflects better value we do not believe it is in your interest for the Facility shares to be sold. As soon as all shares are sold the funds will be sent to your nominated bank account or if no account has been recorded at the Company's share registry, then a cheque will be posted to your address.
We will advise you further as soon as information is available.
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