Chuk, you have been incredibly helpful with the factual analyses. There's just one thing with regards to this that I'd like to talk about: " I had every reason to expect that based on prior company announcements."
No you didn't. One huge issue with the way you have looked at MNB is your singular focus on just the numbers, the NPV, and nothing else. There have been quite a few number of signs written over the wall, and there's a concept called "reading between the lines", or looking at red flags from very subtle observations (which are not even that subtle with this company).
This company has serious issue with credibility. Not to mention the delays which are of course NORMAL in this line of business, but even for something that is as mandatory and expected as a god damn periodic disclosure required by the ASX, they were also LATE in delivering that.
I started to be cautious when they raised 2 CRs despite their claim that it had been the last CR before. It's not that they did it, it's how they gave VERY LITTLE JUSTIFICATION why they did that to investors. Normally that would require a whole presentation on the WHY. How did they go about explaining it? No explanations!
Or how they were late with the timeline but HAD NOT advised investors that they would be late - informing us instead AFTER THE FACT that they were late. Again, at that time, I wrote that those in the professional services would know that this is outright unacceptable and of the lowest standard in communication and transparency.
But what was your response to all of that? It's always along the line of "guys, NPV good, that's the only thing that matters", "there is nothing as a red flag, because guys look at the NPV". Delays in timelines, dodgy disclosure standards, unexpected CRs. None of these are concerning, because again let's look at the NPV.
I became doubtful of the management so-called announcements, all just because the signs were there, if we open our eyes, be honest with ourselves, and admit them.
This is why I think a CR at this time will lead to a crisis. Period.
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