Unless MCO can find a backer, it will have to be voluntary administration. The board can not trade whilst insolvent and they only have $13,000 in the kitty.
They only have 6 days to pay the listing fees or the company will be de listed.
It is 11 weeks since the voluntary suspension. The board has had 11 weeks to find a backer, but no news. Either the board has no news- which means they have had no success in raising money- or they are keeping everyone in the dark. Neither is good.
Unfortunately it looks like another Victorian gold casualty. There have been many- Ballarat, Bendigo and Castlemaine are 3 which come to m ind that seemed to offer much but it just did not work out. Even Lihir were fooled.
Unless MCO can find a backer, it will have to be voluntary...
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