Hence the reference to prospectus in the placement announcement?...

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Whiplashed

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22/02/23

09:49

Post #: 66388057
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Originally posted by Flambeau: ↑

Fascinating that people just gamble their money like this... I wonder how many of those sophs realised there was a case pending which determines MMR's future:

"(e) the email at annexure DLB-12 makes clear that there areseveral reasonswhy reinstatement on the ASX of the Applicant is not assured, including uncertainty around the extension of the PEP 11 which is held by Advent Energy Ltd; and..."
Source: http://www8.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/AATA/2021/4030.html?context=1;query=MEC%20Resources%20Ltd;mask_path=au/cases/cth/AATA#fn36
The case also outlines MMR are trying to prevent being "de-listed".

If I was a shareholder of MMR, I would want to get my hands on those "several reasons", as far as the disclosures go for MMR, only two reasons have been made public: "Should Advent be successful in theextensionof its PEP11 oil and gas exploration leaseandMEC be successful in its appeal to reinstate itsstatusas a PDF, ASX could consider conditions for reinstatement on the basis of continuation of MEC's existing business". ASX:MMR 22/06/2021. These are only two reasons, whereas the AAT references "several reasons".

As I have said in the past, I would want to get my hands on the ASX communiqué referred to in ASX:MMR 22/06/2022, if I was a MMR shareholder I would ask the ASX to please explain what the several reasons are, which were referenced in the case: http://www8.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/AATA/2021/4030.html?context=1;query=MEC%20Resources%20Ltd;mask_path=au/cases/cth/AATA#fn36

"34. The Applicant was voluntarily suspended from trading on the ASX, at its own request, on 17 January 2020.[26]It says that it will not be able to be readmitted to trading after 16 January 2022, that being the two-year anniversary of its voluntary suspension."Source: http://www8.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/AATA/2021/4030.html?context=1;query=MEC%20Resources%20Ltd;mask_path=au/cases/cth/AATA#fn36

The pending AAT decision on the PDF status:https://online.aat.gov.au/eCaseSearch/Home/Details?fileno=2021%2F3080

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Hence the reference to prospectus in the placement announcement? i.e. They'll have to recomply with chapters 1 & 2 of the Listing Rules prior to readmission.
MMR is really a shell with complex interrelated party dealings, complex ownership structure and no inherent attractivity to parties looking for a backdoor listing. So we're reliant on existing management to find a new and exciting project to entice new shareholders (300 @ $2,000 each?) to come on board if we want hope of being able to trade again.

MMR Price at posting: 0.4¢ Sentiment: None Disclosure: Held
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