There's only upside if Gino hangs around after he gets his...

There's only upside if Gino hangs around after he gets his performance shares which are dependent on producing the pfs.

If he gets 53cps for his current deal with Minerva and after receiving the performance shares, he quits the board, he can sell the rest and leave shareholders at the mercy of Minerva as our largest shareholder, and with a majority on the board when they elect someone to take Gino's place.

Whilst Minerva is unable to buy on market at the moment, I suspect many of the shares being traded in the 10 months since the mythical $US80m deal fell over is chinese interests who will simply transfer the shares to Minerva at whatever price a deal is put on the table, giving them a stranglehold on the register.

So right now MTC shareholders are betting on Gino being honourable and arranging a deal for all non-aligned shareholders and hoping he hasn't already done a backdoor deal with Minerva that allows him to take 53cps and leave other holders to fend for themselves with a new chinese master. From memory, Gino tried to assign his future performance shares to Minerva at the time of his 53cps deal but ASIC stopped him as he doesn't own them until the pfs is delivered.

We will know by December one way or the other as the performance shares expire then if the pfs hasn't been delivered