Strategic investors
Development of the Company’s 44% owned (via direct and indirect shareholding through the IM3 Global Consortium) battery plant in New York and the installation of equipment is on track and attracting considerable interest from new investors given the progress made. Recent support for the Townsville battery plant by the Queensland State Government has also generated more investor interest in the Company. Magnis owns 33% of this proposed plant. As a result, potential investors, both domestic and international, are now undertaking various forms of due diligence with a view to making an investment in Magnis. Cornerstone investments form part of this interest. Discussions are progressing well and the Company is aiming to be in a position to announce a definitive investment this quarter
16 AUGUST 2018
Further to the corporate update made on 25 July 2018, discussions have progressed with multiple groups who are currently undertaking either technical or legal due diligence, with the view of making an investment in the Company. Indications to date point to an investment decision in Magnis being made by the end of the month. Several of the potential investors being considered would be either cornerstone or strategic investors.
It seems that within three weeks of the first update things have moved along at a rapid rate. We possibly don't even have to wait till the end of the quarter.
And these investors have been doing their own due diligence at their own cost.
Now Steve would you say these people who take a stake in Magnis and stump up millions for for that stake would have a better idea of what is happening than the non holders who consistently down ramp here including yourself?
MNS Price at posting:
38.0¢ Sentiment: Buy Disclosure: Held
(20min delay)