MGU (ASX) Ann: Notice of Meeting May 31

Originally posted by yabo: ↑

Firstly let me say that we all share your frustrations about delays, communication and the share price.

If you see my previous posts, you will see that i have advocated that the Board of Directors change to reflect a capacity to move into a development phase, so no arguments from me.

However, I will comment on some of your other assertions.

This is an AGM, so all companies will freshen up their 15% capacity under 7.1, by ratifying pasts issues.

Most companies will also ratify their additional 10% capacity under 7.1A, which I think can only be done at an AGM not an EGM.

The AGM is where Companies can make amendments to their constitution and they state that the Directors do not believe that the changes are material and do not adversely impact shareholders. The changes appear mainly administrative to catch up with changes since their constitution was updated.

The change to the proportional takeover appears to be to adhere to new laws that require this. The impact is to ensure that shareholders get to vote on any proposal where a company can be taken over with the purchaser having to buy all of any shareholders stake if they want. This is an obvious protection for shareholders from corporate shenanigans.

Therefore I really don't think there is anything to see here or to worry about in relation to those parts of the Notice.

With regard the last 4 resolutions, this is simply a provision for them to raise $10m without having to touch their 15% and 10% capacity under 7.1 and 7.1A. This other resolutions allow permission for the three directors to participate in any raising with out having to go through the expense of a future EGM to ratify that participation.

This capacity only lasts for three months

That provides them with the option to undertake a raising for $10 million and retain their operational flexibility by retaining their 25% capacity in tact.

My personal read is that they have a plan to raise up to that much money shortly so the question should be what will they use it for?

If you want to start a cash flow they are going to need some working capital.

Therefore it may be the sign that they are planning to move ahead.

I don't know what their plans are but my point is that most of these resolutions are normal and I think hint at activity potentially on the horizon.

Unfortunately to make progress they are going to need money so there will be dilution. It is just sad that the price has been eroded so significantly but that is down to management.

In regard to Athan and Anoosh my only clarification would be that I don't think things were are as rosy under Don and Dano as you are suggesting. The final straw was the large performance share grab with poor performance hurdles by the previous Board.

I think with Neil and Marcus we might have the right technical guys but the commercial side doesnt seem to have any traction.

I hope this different perspective provides you with some comfort when the share price cant.

Expand

Thank you @yabo, I appreciate you correcting my interpretation of the resolutions surrounding raises, I also speculated that it would be for working capital for DSO, but was hoping we would avoid those types of raises when the MC is severely lower than the underlying value of the company's portfolio, we have already been diluted substantially over last 24 months

for the part on Dano, yes I do think the share grab was the final straw also, however I do disagree with you on Dano though, i believe he did a terrific job until the last share grab, he got greedy! Don on the other hand.... I don't need to say anything about him other than he was as useful as an inflamed appendix. fossil should have retired a while ago

No.	Vol.	Price($)
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0.014	82916	3
0.015	400260	3
0.016	1092857	3
0.017	209745	3
0.019	6668	1

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(20min delay)
Last 1.3¢		Change 0.000(0.00%)		Mkt cap ! $10.52M

Open	High	Low	Value	Volume
1.4¢	1.4¢	1.3¢	$1.891K	141.0K

Thank you @yabo, I appreciate you correcting my interpretation...

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Thank you @yabo, I appreciate you correcting my interpretation...

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