Ann: Paterson Exploration Project - IGO JV Update, page-7

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Cashmeoutside

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13/08/20

09:37

Post #: 46501811
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Originally posted by Frank64 ↑

Before and if they sell anything they need to fix the key note clause.
Lets say worse case scenario MLX goes pear shape. MLX then goes into administration whether it be voluntary or bought about by the creditors.Administrator now has full control of MLX. Administrator ways up all options, including assessing all existing loans together with their binding contracts and obligations. ie: (securitiy, guarantees, etc.). If MLX cannot be bought out of administration as a “Going Concern” then the administrators role enacts the next stage to liquidate the company.That’s were Key Notes Loan Facility clause 2. and the way it is worded kicks in. Lender gets all net profits from sale of assets. All other shareholders get zero.I will make noise in regards to this matter because it was the role of all the MLX’s directors, solicitor and the CFO except Brett Smith as he could not vote on the Loan Facility due to pecuniary interests to address this.

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Talk about conspiracy theories! The company is a going concern - the tin mine makes cash, enough to pay for the now reduced C&M at nifty and soon to be a hell of a lot more as it enters area5. It just has a short term debt issue which can easily be resolved via the sale of nifty or an equity raise - who wouldn’t want to put in equity on the cheap to get the cash flows going to come out of renison.

Last edited by Cashmeoutside: 13/08/20

MLX Price at posting: 8.3¢ Sentiment: Hold Disclosure: Held
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