A few points mostly previously mentioned, worth considering.
As Hcrabc mentioned, we hit a new closing low today, though more volume has gone thru at 1.9c previously. Importantly, this is not a market cap low, as there are many more shares on issue now. My comment is that the sp always sags on no news. And we've certainly had that, directors have gone into a no comment/lockdown mode since the spp early closure - see later
Finance: not really an issue, 2 year loan extension agreement with bankers, USD loans actually reducing at a similar rate to the interest rate due to the USD/AUD exchange rate. Almost 40% difference in last 2 years = 4 years interest bill. Since last Qtrly, $1.1m placement + $2.3m SPP, also approx $11m convertible note finance available wonder why the spp was closed early & convertible notes not used.
Directors buying - first time EVER JC has put forward some of his own money, all 3 subscribe to maximum amount in spp. Not a lot of money I know, but first time ever. To some, marion is a lost cause, to the directors & those with a close knowledge, now is the time to invest. Believe me, these directors would not part with 1 cent unless they thought they'd make a good return.
Market cap approx $20m, with the same assets when mae was once in the ASX200, demonstrates the considerable upside IF they can get flows happening.
Some sort of deal is imminent. The directors went from ringing everyone, to all of a sudden closing the spp without the rumoured flow updates many were waiting for. PC is all of a sudden unavailable or like Sergeant Shultz. They have had 2 of their best wells coming online since end of April, but haven't even announced the initial flows as they did for the less productive wells. They even announced flows for the old Fuel wells which they previously announced as being unsalvageable. One would assume the spp would have been timed based on these CC wells coming online prior to it's closure.
If there is a JV or whatever, it would most probably be with one of the major US coys. Marion would certainly need to clean up their act if doing a deal with such a company.
They could have hardly announced any flow updates (if there are any) after closing the spp early with the directors fully subscribing, when any rational investor would have either bought on market, or waited for a flow update. That would stink of inside knowledge. I am quite surprised they managed to raise $2.3m based on what was released to the market. No wonder there have been no updates recently, like the flurry of nothing announcements we received about these old 40 year old Fuel wells.
Kiwi, in answer to your proposal, I'd be happy to stop using the term downrampers if you are right.
Camo, re your comments about Lautrec's call from JC. Just because he is the only person JC personally phoned out of 5000 odd actual shareholders, should not cast doubts on his truthfulness. Must admit I am comforted by the fact he thought it was a screeming buy at over $1, but now a sell at 2 cents.
MAE Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
