Share
clock Created with Sketch. 31/07/16
09:40
Share
Originally posted by user23
↑
Err.....I thought you owned MBN shares, the creditors are substantial share holder with majority shares over 50% of the O/S. One of the creditors offered additional debt funding of 30M USD that MBN was seeking but was rejected in the last minute so a VA was called by the CEO in September 2015, they continue with BAU (with decreased capacity) until April 2016 when the creditors voted for liquidation nearly 2 months ago even though MMB supposedly has 5.5M USD in cash to stay in C&M until at least end of September 2016 (as indicated by their delayed financials), and while in VA their cash balance increased from 6M USD in mid 2016 to 8.4M USD at end of 2015, and at this time they where able to successfully secure a 11M USD VAT refund from the state government but reject by the creditors at the last minute which the CFO indicated in a MBN statement that this was more than enough to balance them financially likely due to their low production cost and cover any small capital expenditure excess.........so that's a quick summary of MBN for you.
Expand
Latest NEWS from the Philippines....VALE to Build 2 new Nickel processing plants on Palawan Island and at Toledo ...Cebu Islands in a partnership with the Philippines ...also Zenith Nickel Processing Plant in Manila given Notice to clean up or close.
