freida, I understand and agree with your summation as to Point 1. The cheaper the price the more shares the WK / Underwriter will pick up in my view, as long standing holders will loose further confidence and not partake in the SPP. Underwriter can buy at market price and pick up all non-take up of SPP issue. In regards to Point 2, I believe the Directors have let things slide so much they have in effect lost control and will therefore not be able to limit the WK/underwriters probably well strategized and prepared forward plans for Mae. JS Jnr's has an accomplished work record and it would not surprise me if he is keeping some of his past employers well advised as to goings on of Mae. One very large company was mentioned as a possible buyer mid last year. Now if they were supporting the WK/Underwriter identity (individual or collective of investors)then a full takeover would certainly be on the cards for small change compared to worth of gas known to exist underground, brought to surface and placed into production. Worth billions to owner. I agree that WK is known to inner circle and possibly bought on line by JS. The biggest danger in my view is that he/she/they are also the underwriters and if it follows that they are after total control of company and assets, then current and long term shareholders will not be rewarded. The money will go to the entity that holds the power. To have a separate 'white knight' and 'deep pockets' entity at the same time is not feasible....they are either the same or have the same backer.
A number of things will hopefully indicate that I am wrong are:
(I) Directors buy a large number of shares (released with completion of appropriate form to ASX); (2) Flow rates in the millions are released before SPP announced; (3) Details of institutional investor who bought $2.8 shares is released to market (would be No 1 in top 20 holder list); (4) That price of SPP shares will be at 10 cents per share to give incentive and encouragement to existing and long term holders; and (5) Up-to-date and regular announcements are made concerning money in bank, condition of wells (problems, solutions and timings regarding production, etc).
One last comment. Please be cautious in placing all one's faith in JS Jnr. What better way to further manipulate MAE in having a person in the inner circle and who has now uncontested operational control.
Have no facts to support my comments other than a sour taste left in my mouth in the manner MAE has been managed. It is certainly being manipulated in my view and shareholders are not being given adequate protection by Directors and Legislative bodies.
Bernie
MAE Price at posting:
6.4¢ Sentiment: Hold Disclosure: Held
