Did more digging - the negligible market cap is due to convertible note debt - between $17.5 million and $25 million - not sure if the $7.5 million MBT paid from proceeds of their last refinery sale has been deducted or not from the $25 million.
Post-GFC high of $50. Went down to $0.001, but is now lifting itself off the canvas at 2c with the finalisation of the AUD$30 million sale of its biodiesel refinery due this month.
The buyer of the refinery is Benefuel, a large US company that has developed, validated and patented a technology process that will allow the refinery to be commissioned and operated using substantially lower cost feedstock, see www.benefuel.net/technology.php
MBT is retaining a 20% interest in Benefuel's new venture for the refinery and will thus be exposed to the benefits of the new technology.
MBT recently restructured its Series 3 Convertible Notes into Series 4 Convertible notes which extends the maturity
date from May 2014 to December 2018.
This defers the requirement for the group to settle the notes, and re-classifies the liability from current to non-current, strengthening the balance sheet.
The notes now attract a coupon of 6% per annum, however the first coupon payment, accrued from 1 January 2014 is not due until 31 December 2015.
In the past year, management have focused attention on continuing with the restructure of business operations, improving its balance sheet in readiness for new strategic opportunities for the company.
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