Simon would look like an idiot if the capital raising was for repaying the Nebari royalty financing. In the last investor call he specifically stated that the financing was to avoid a CAPITAL RAISING. I'd say the working capital is insufficient to support the upcoming debt maturity. Approx 9.17M due on 1 June and another 2.5M on 1 July. Refer to snippet below.
I was overly optimistic that the cash flow from the bauxite sold in early Q2 would be sufficient, but I'm guessing that the time to cash in bank doesn't give them enough breathing room. MMI is currently trading at a forward EV/EBITDA of ~2 (assuming 6.8 mtpa and bauxite price of ~AUD68/t CIF - previous operational qtr ~AUD58/t and they announced 20% bump recently). Bauxite price also keeps climbing. Annoying that they are going to dilute but it's still ridiculously cheap.
Ann: Trading Halt, page-8
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Last
5.2¢ |
Change
-0.001(1.89%) |
Mkt cap ! $309.6M | |||
| Open | High | Low | Value | Volume |
| 5.3¢ | 5.3¢ | 5.2¢ | $1.300M | 24.86M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 854720 | 5.1¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 5.3¢ | 1693409 | 5 |
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| Last trade - 16.10pm 01/11/2024 (20 minute delay) ? |
| MMI (ASX) Chart |