Ann: Results of 2019 Annual General Meeting, page-34

A summary of how I see the MLX situation:

1) Nifty is obviously performing very poorly and quickly destroying shareholder value
2) Management is trying to turn things around, hence the Nifty reset plan
3) APAC as a large shareholder is tired of the value destruction and wanted their man Brett Smith to join the MLX board and again review Nifty and the strategy re Nifty. I don't think APAC wants to take over MLX, they simply want the value destruction to cease and the share price to improve. The impression I get is that APAC are of the opinion that it may be better to close Nifty and focus on the tin operations.
4) I agree with Marantelli and the MLX board that closing Nifty now (half way through the reset plan), would seem counter productive and illogical
5) Therefore nothing has really changed. In the fullness of time we will learn which course of action would have been better - either (i) MLX management will be successful in turning Nifty around and MLX's share price will rally or (ii) they won't be successful and Nifty will continue to bleed cash and MLX will require more capital raises and there will be further value destruction.
6) Personally I can't see APAC dumping it's holding now at historical lows - they want to see the MLX price rise and must see value in MLX or they would have sold out rather than agitate for change.

Personally I'm undecided re success at Nifty - if forced to nominate I'd probably say 55% chance of success, 45% chance of continued value destruction.