MMR mec resources limited

Ann: Advent & Asset Writs - Settlement Finalised, page-6

  1. 12,572 Posts.
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    In the interests of keeping things factual, I would point out the following:-

    "more coin for DB" - false, the settlement of writs does not include any type of cash payment to Breeze.
    "more shares for DB" - false, the settlement of writs does not include any type of share allocation to Breeze.

    'dilution, and for what?" - the issuance of the writs, back in 2020, allege that MMR owed Advent almost $1M. Advent and MMR subsequently agreed that MMR could repay that debt via share issue to Advent as MMR did not have sufficent funds available to repay the debt in cash.
    For what? The debt owed by MMR to Advent relates to the MMR accounts of FY18 and FY19, which were prepared by the old board. In those accounts, MMR claimed certain costs and subsequently received R&D rebates. These R&D rebates were the property of Advent, not MMR, hence the issuance of the writs. MMR subsequently acknowledged that, and the writs were settled. The debts were repaid in two tranches, the second and final tranche being the offset amount allocated in the recent rights issue. Had the accounts in FY18 & FY19 been prepared correctly, the R&D rebates would have gone to Advent, and the two share issues would not have been necessary.
 
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