Ann: Shareholder Update, page-23

"Away in a manger...….." arsenic

Hey, this is really bad news for all holders. I feel for you all.

That hostile takeover to get Nifty was ill-founded as it's turned out. Would that be Cookie's fault? - or the company's consultants? Regardless, he called the shots, so he should be in the crosshairs.

23 Nov 2015- The West Australian.
Metals X isn’t backing down from its pursuit of Aditya Birla’s Nifty copper mine, although chief executive Peter Cook says he doesn’t expect a result in the near future.
Speaking at Metals X’s annual shareholder meeting this morning, Mr Cook said the company was in the “second dance of a four dance-repertoire” in its pursuit of Aditya, after the copper miner rejected last month’s unsolicited offer, preferring a Moelis-led beauty parade in its search for a buyer.
Metals X last week extended its all-scrip bid for Aditya Birla until December 15, after its target had earlier rejected its offer as undervaluing the Nifty copper mine.
Speaking on the sidelines of the annual shareholder meeting, Mr Cook said Metals X was still keen on Nifty, but said it would not wait forever as other copper assets were coming onto the market.
“My position is on the Moelis process is really simple. Our offer is there, it is capable of acceptance - and it has been rejected. We’re capable of changing terms, increasing the offer - we’re capable of doing everything we need to do to remain in the game,” he said.
“But the important thing for us is time. We don’t believe the Nifty mine has got time to stuff around, because if you can’t get in there to fix it up in a short period of time it may be stuffed forever.
Mr Cook said with other local copper assets coming onto the market, including the mooted sale of Glencore’s Cobar operation, Metals X would eventually be forced to turn its attention elsewhere.
“We’ve being trying to get the data. So if they want us to lift the bid, hand us over the data so we can do it,” he said.
“But if we abandon this process and go away - with the other assets that are for sale, Cobar and these other assets - there’s no guarantee we will go back.”
Metals X shareholders gave the company a ringing endorsement for its performance over the past year, with all of the motions put the annual meeting, passing by an overwhelming majority.
Metals X shares closed down four cents, or 3.33 per cent, at $1.16.​

I don't know if anyone read the recent WGX news that it might produce copper at its Fortnum gold plant if it's found in the right quantities in and around Fortnum. Now, given that WGX was the pure gold demerged arm, this came as a surprise to many. WGX going into base metals too? That said though, it's mainly gold that WGX will be seeking with the exploration program in mind.

Could WGX come to MLX's rescue?