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I believe that your reasoning about the NME directors...

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zencol

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01/12/21

13:06

Post #: 57993631
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Originally posted by Cand1eStickMan: ↑

Section 95A of the Corporations Act 2001,
(1) A person is solvent if, and only if, the person is able to pay all the person’s debts, as and when they become due and payable.
(2) A person who is not solvent is insolvent.
This can be deduced by the "cash flow test" and the "balance sheet test".

Consider MNE's position, (extract from ANN above)
"The amount proposed to be raised of $3.115 million (NME proposed Rights Issue) is still less than recently disclosed current liabilities (largely payables and borrowings) of $3.245 million, the vast majority of which is owed to directors of NME."So one can see from the above that any funds raised from the proposed Rights Issue would go to paying down debt that is owed primarily to the Directors. Perhaps this is why they are frustrating the TO bid?

It still then raises the question, if NME raised these funds, where then would the funds come from to contribute to the JV? Perhaps from another loan from NME Directors?

Is this the dirty little secret under the table cloth in the tea room? Maybe it could be called the "milking table"?

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I believe that your reasoning about the NME directors shenanigans,
might be on the money.
The interesting question in all of this is, are the directors loans secured
or unsecured, if unsecured ......................

MCT Price at posting: 0.9¢ Sentiment: Hold Disclosure: Held
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