Are you saying they sold their Atrum shareholdings? I thought they kept them and just stepped down from the BoD.
This example is exactly why I asked previously if they could own an interest in any company which buys a lithium project off us.
It also was very perturbing to me when looking at the structure of the failed iCobalt IPO and what was in it for shareholders. It wasn't much to my eye. We were allowed to invest a tiny sum into it, with no discount, with the majority going to unknown entities. MTC was only to retain 30% of the initial shareholding which would be subject to further dilution.
Compare that to BPL, who spun off only a 50% ownership of its cobalt to COB. BPL shareholders got an in specie distribution, a discount to 8c from 20c up to a maximum allowed by law of $15k and options.
We were allowed to invest a paltry sum in iCobalt at full price, no in-specie and the company kept only a dilutable 30% of the shares in the initial offering. It was a terrible offer IMO.
All this splitting things up into different entities and acquiring new projects for new IPO's. Are they ever going to dig something up?
MTC Price at posting:
7.1¢ Sentiment: Buy Disclosure: Held
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