Often, Peter has done a presentation, stating "due to time restraints, no time to take questions from retail investors".
Although Peter stands up at presentations and states MGX is a dividend paying company . . . there has not been a dividend paid for years.
The buy back, which Peter Kerr stated was to "reward shareholders in lieu of a unfranked dividend", was inconsistent, only achieving 3% of the 10% that Peter spruiked . . . and proved to be no value to shareholders with the share price tanking.
Communications with retail has been bare minimal. Another recent example of no communication is the extraordinary long delay in shipping in the current quarter.
Its now been two months since the buyback was halted with shareholders left guessing what is going on.
The inclusion of FEX in cash and equivalents (as opposed to FEX not being included in cash and equivalents in prior QRs) is another indication of a pivot away from iron ore.
MGX Price at posting:
27.0¢ Sentiment: Buy Disclosure: Held
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