Huge disaster. I rung management of MLM and was very stern about how they shouldnt be gambling with penny stocks with shareholder funds. The funds should have been used for Sconi/Weipa/HMS instead. But now they have had to tap more funds from their Chinese partners instead (dilution for us). The CFO of MLM said something pretty amazing to me when I was critical of how badly managements share purchases had been with MLMs cash. He said 'I haven't picked a winner for a few years personally'. Wasn't a huge vote of confidence in their ability. I sold out of MLM after that at a huge loss. But Im glad to be out. I also reported the run of the share price just prior to the JV announcement to ASIC. Absolutely stunk of insider trading. Management of MLM also own almost no shares. Whats that tell you?
MTE Price at posting:
2.9¢ Sentiment: None Disclosure: Not Held
MLM Price at posting:
7.6¢ Sentiment: Sell Disclosure: Not Held
