The whole board must be under question with MDX. I note from Bromley's "victim" statement that he says discussions with Sumitomo have been ongoing since 2011. Yet this board approved a very, very, heavily discounted placement to select punters 10 days before the Sumitomo announcement, knowing that the company was not desperate for money, had Sumitomo possibly in the bag to stump up at least $500k and that this announcement should have spiked the price which would mean any future placement would be at a higher price and would help get the punters to exercise the oppies. What was the urgency?
Maybe Mr Tsang was also voted down on this issue and having acquired his 23% stake at prices well to the north of the placement price, was not happy with the apparent largesse of this placement.
The ongoing suspension is unusual and perhaps suggests that the waters run very deep at MDX.
MDX Price at posting:
17.5¢ Sentiment: None Disclosure: Not Held
