" APAC is not seeking control of the board, and, subject to Mr Smith being added as a director, will support the appointment of one additional independent director as soon as suitable candidates can be identified.
At this stage, and subject to an independent review, APAC is not proposing changes to management but believes that a thorough and independent review of Nifty is urgently required to assess future direction.New eyes are required to assess whether MLX’s current targets for Nifty are realistic and whether MLX shareholders should continue to fund the operation.
All options should be considered including whether the mine should be put on care and maintenance ... "
Cheers for the post -
33m credit line secured against our only performing asset. 35m capital raise that has come out of left field. A downgrade of copper production and board room battle brewing - this is going to get worse before it gets better.
Interesting to note that Peter Newton is leaving the Westgold board too. Looks like he's going into hiding now!
With Board infighting bound to happen now, looks like the share price could be down the bottom for a while yet.
MLX Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
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