MBN (ASX) All over done and dusted

Originally posted by apples ↑

Your efforts are well appreciated. Just struggling to understand why you are so convinced by the "anonymous" sources that state that MBN has been sold at a price that only returns money to the secured creditors & that our substantial shareholders are quite happy to accept that MBN was just a lousy investment that they will nonchalantly write-off against their other more profitable investments. If MBN re-lists in Canada or elsewhere at multiples of its 2017 sale price. Our big institutional investors would/ should be very peeved indeed , unless of course they are in on it Please do not take my questioning in the wrong...just trying to get a grasp on what is happening in the information vacuum

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Hi Apples,

RE: "... Just struggling to understand why you are so convinced by the "anonymous" sources that state that MBN has been sold at a price that only returns money to the secured creditors ..."

There's no anonymity about who said the mine will be sold for USD250M.
It was Richard Tucker from Korda Mentha.
https://www.kordamentha.com/People/Richard-Tucker
Richard returned my call on Tuesday, 20th March this year.

He told me that the best offer that they had to date was around $250m (I presume USD) and that he expected settlement to be by the end of May 2018 in what had been a very difficult process to even get an offer as high as that and the sale to that point. And when the sale was settled there would be an announcement. This price was what was needed to satisfy the two major secured creditors interests and in order to allow free title to theirs and all other assets associated with the mine. I asked him - esp. based on the chat at the time in this forum - why it wasn't being sold for say around $500m with the excess the going to other creditors and the balance (if any) for MBN's shareholders. He simply replied that if anybody had an offer for better than had been presented to KM so far then he wanted to see it.

He said he was not able to disclose who the buyers were but did say that they did not include any previous shareholders.

RE: " ... & that our substantial shareholders are quite happy to accept that MBN was just a lousy investment that they will nonchalantly write-off against their other more profitable investments. ..."

As Mattydew has previously noted and as the QC commented (when Mattydew and I met with him), it would be highly unlikely that any major financial institution or investment group would participate in anything to draw attention to what has turned out to be a bad investment.

Hope this helps in what has been a very nasty situation for all minority holders.
[IE Most major holders simply lost other people's money].

Regards, LP