At face value, the announcement is encouraging if only for the...

At face value, the announcement is encouraging if only for the fact that MNS are trying to progress Nachu (the message that they gave at the AGM). However, the announcement is significantly clouded by the paucity of information on PEY Capital Pte Ltd.

Having worked in corporate banking most of my career, I am aware that there are largely unheard of "small" parties out there who can pull off big financings but fly under the radar. Often the individuals behind these have had a successful prior career and hence a very deep network that they can draw upon, but just look to do select transactions from time to time to keep their hand in.

In this case, it is impossible to tell whether that is the case with PEY. I also don't place much weighting on the statement that PEY have conducted on the ground due diligence of Nachu, although the one hesitation I have in writing off PEY completely is the following announcement wording (emphasis added):

"PEY is working closely with corporately related Tantel ISAF Group Limited...."

Not sure if that is seeking to allude that PEY is some Singapore based offshoot of Tantel, who itself seems to have some bona-fides.

Anyway, it is all irrelevant at this stage as MNS will likely remain Suspended by the ASX until they have sorted out their finances, so all holders can do is just watch and wait.