They sold 9m net. So effectively they got 10m in the placement...

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Cashmeoutside

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23/10/19

18:52

Post #: 41037494
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Originally posted by padhai ↑

yes they did.That was the 9mil that they got from their entitlement rights issue .on 14th Oct.

I don't blame them for making a 50% profit within a few weeks.They haven't sold their initial holdings .Anyways those shares were gobbled up by L1 Capital who increased their stake from 0% to 15% during the same period.

I blame the incompetent management who have raised capital $50mil last Aug @67c and then again at 15c for $32mil AND not to mention the debt of another $32 mil with city.

Remember when they raised at 67c they annouced it was on track to acheive its 40,000 Cu tonnes per annum without needing to raise any more capital.
Granted that was in Mr .Hallam' reign.

Mr .Marentelli announced the Nifty reset plan and slash the target from 40,000 to 28,000 Cu tons per annum but soon after slashed the same target with a suprise Debt and subsequently a capital raise when the sp was already so depressed.

So before blaming MS or APAC or any other investors for cashing in a profit , maybe the management should have a look at themself for the blatant lying & scaremongering they are campaigning.

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They sold 9m net. So effectively they got 10m in the placement and sold 19m.. so they change in sub holder notice is not about dilution as you put it. Agree with the rest.

MLX Price at posting: 20.0¢ Sentiment: Hold Disclosure: Held
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They sold 9m net. So effectively they got 10m in the placement...

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