Ann: Production Delays - Tormin Mineral Sands, page-46

Hi Fulang,

There must be some bad blood between MVC and Mr Edwards/MRC for him to sell his shares in the way he has and the action he has taken during capital raisings. MVC is no longer a substantial shareholder, his legacy has been eroded due to his actions over the past 2 years. It is pretty clear to me has actions have been an attack on MRC, its shareholders and AU Mining.

Look at it this way, If you knew the former CEO was selling his shares, why would management borrow funds rather than complete a CR?
Borrowing funds would result in a higher share price.

If they borrowed funds it would have resulted in the former CEO would have sold his shares for more, Where is the financial benefit for shareholders?
We all have the right to take part in the capital raisings.

Why would I or any other shareholder want to help MVC exit the share registry?

We had already seen that MRC shareholders were willing to take up their rights in 2 CRs where the SP was below the entitlement offer. This is telling that the majority of shareholders would prefer to help out MRC rather than the former CEO.

I have said numerous times, that once MVC is out of the registry the toxic battle between the former CEO, MRC and AU mining will end. I see value in MRC's assets and projects and we are getting to the point where the company can start to build shareholder wealth. It has been a painful 2-3 years and if peoples ego's didn't impact their judgement this could have all been avoided.