I did some numbers on the buy back.At the moment the cash...

I did some numbers on the buy back.

At the moment the cash backing per share is $0.049
If the buy back goes ahead at $0.042 the following senario will play out in the table below.

Buy New Cash
Back Backing
20% $0.051
30% $0.052
40% $0.054
50% $0.057
60% $0.060
70% $0.066

This excludes the value of Cashmere and the two tenaments.
The real issue is if the buy back goes ahead then MMX will not earn enough interest to offset the cost of being listed. This will probably force a delisting or a buyout by Sir Ron.

Which ever way you look at it it is forcing shareholders into an uncomfortable position. The board must be clear on how they expect to run the business if the cahs reserves are depleted through the buy back let alone at how unfair teh buy back is based on cash backing (and I forgot the Cashmere stake)