Marindi Metals to acquire Mt Holland?, page-317

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LiveEagle7

602 Posts.

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15/11/16

09:41

Post #: 20619530
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Originally posted by LiveEagle7 ↑

Until yesterday I was a holder of MZN however in light of their tactics I sold out as the way I see it is that there is alleged previous form here for non disclosure.

Your research on MZN would have uncovered that the current MD was a director of failed Zinc miner Kagara and there is currently an open class action lawsuit against the former directors of that company which went bust reportedly owing $1bn.
The class action is being funded by IMF bentham and Piper Alderman of Brisbane are representing the plaintiffs.

There is a link above in this thread to a Californian pension fund internal document who are part of the class action, there reasons for suing are listed as follows:
"
A lawsuit was filed in the Federal Court in Sydney,
Australia on September 29, 2016. The action seeks
recovery for misleading representations to the market
concerning Kagara’s net profit (or loss), its net assets,
and for the non-disclosure of certain material
information to the market."

Now if Marindi had an agreement with KDR which they thought to be true and correct then they had an obligatiin to inform MZN share holders, it should also have been accrued for in the year end accounts seeing as they knew about the supposed deal since April, they didn't and it does not appear to have been accrued for.

Some more information can be found on delisted company websites.

On this basis I was happy to relinquish my holding for a small profit and leave.

I hope no holders of either KDR or MZN lose out in this debacle.

Cheers LE7

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The link I refer to is over on the KDR thread as I oroginally posted this over there seing as I am a current KDR holder

MZN Price at posting: 2.2¢ Sentiment: None Disclosure: Not Held
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