Ann: Letter to Shareholders - Company Update, page-117

First 117 Last

Share
Profile

Follow
wabbit

4,299 Posts.

28

21/02/16

09:22

Post #: 17075096
Share

Originally posted by moloch ↑

I fail to see any benefit in putting money into the recapitalisation.
Facts are that current company is worthless. You cannot sell your shares at the moment so we are all stuck. Also it is proposed that current holders get consolidated at 400:1 which means that current holders end up with bugger all shares and value in the recapitalised MNE. So that is not really attractive.
So want not give them more money? Well, they are raising $2m of which $1m is spent on creditors and costs leaving an EV of $1m ... in other words half the cash raised is spent immediately on nothing to do with a new business or asset , instead it goes to the 'old' company's debts. Why on earth would you throw money into a new shell only to have 1/2 of it disappear without creating any value? I can invest in other shells that don't have creditors and you get full value. Can't see why you would buy shares in something like this.
I cannot see any benefit for current holders in this proposal

Expand

moloch.

That is not the half of it Chile owes MNE $6m which is being written off then the are getting Preasent of another $1m.
Nice to be a directors of both Companies.
What really P me off was not getting what happened in Chile in the activity report in December.
Activity for the quarter just disappeared.

MNE Price at posting: 0.1¢ Sentiment: None Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

SGP

Things finally 'looking different' for up-and-down Hot Stock tip Stockland

RAD

Radiopharm extends radioimmunotherapy trial to 5 more cancer types

PAM

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

3DA

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

BTH

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing