2M is definitely very tight and it seems like NME can keep dragging this TO as per their financial report. Company's strategy has been quite clear that they keep holding MRE announcement until they complete the TO (or at least reach to 50.1%) but with 2M in cash cannot give confidence to SHs on their strategy. I guess the missing part s that MCT should provide some update to SH - e.g. IER reports progress, MRE progress..
Interest rate will go up, so management needs to act very smartly.
All in my opinion only.
Ann: Quarterly Activities Report, page-7
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