By the way, according to my chat with one ex-holder, the reason for the dump was that they believe the company are posturing to dilute (if you read the annual meeting notes, that is very apparent, either that or they are ready to dilute after the decision). I think they will do it before NOPTA because of how fragile they think the decision is (to ensure money now, which they might not get later [if there is a rejection, or labor gets in]). BUY's dilution is another good indicator of the timing of the next raise. I think the outcome of this meeting will happen at the end of November/December with a raise potentially in February (before the election).
Remember how a user on the forums said Breeze thought a legal challenge might negatively impact a joint authority decision? That is probably the most bearish news I have ever heard. It tells me the NOPTA decision is fragile (probably because there are legal and valid reasons to reject the permit, especially in the case of a reprisal from a legal challenge as was inferred).
One thing I have thought about for a long time is we know Keith Pitt was disappointed when one oil/gas company went bust fairly recently and the Government had to step in and decommission the project (with tax payer dollars) so much so, he changed the Offshore Petroleum act to now consider finances of potential permit holders who are interested in a takeover and to install a trialing liability clause. This does not bode well for Advent, as we now know, in the FOI request, the finances are "assessed". It would be hard to convince me Advent et. al. could clean up a oil/gas spill. Previously, John Barilaro exposed that the financial considerations are potentially not as strict as the onshore NSW state financial assessments.. but I guess they are considered nonetheless. The guidelines based on the law/act suggest a company should be able to demonstrate funding or raising from parent entities, however... MMR one of the funders...
Did MMR put out their annual report? They previously said "The directors of MEC Resources Limited (MEC or the Company) (ASX:MMR) regret the late lodgement of the Company's Annual Report and acknowledge that this is unacceptable". 47776178 -ASX:MMR "2020 Annual Report Status" 01/10/2020
It seems to me there is more bad news on the way.
BPH Price at posting:
4.7¢ Sentiment: Sell Disclosure: Not Held
(20min delay)