Chuck,
The unacceptable circumstances related to AU Mining and 2 company directors putting their hand up to take up the shortfall (Underwriters). The CEO at the time held no shares in MRC and it was his way to show his confidence in MRC.
The takeover panel ruled this was unacceptable - due to AU Mining's possible increase of ownership in MRC, which was considered as a possible takeover of control in MRC, and the lack of disclosure about this risk.
There is nothing more to this story, It all happened 14 months ago, and we have since had another capital raising which complied with all of the advice from the 2023 Takeover panels decision.
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