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The announcement today has some very good points – it may not be the one everyone one of us was expecting but, in some ways, I think it is better.

 

1. It confirms my belief that MXC has matured as an organisation since the painful VC failed deal
2. They have learnt to communicate with their shareholders and to keep them up to date with what is happening
3. We now have a clear sign that the Canadian deal is a goer – including a quote from CannaGlobal
4. MXC is making sure it nails everything down before signing on the dotted line
5. They updated us on where the Canadian company is up to –example with listing.

 

The bottom line is that we don’t have an “approximate” time – we have been given a date – 31^st October. We don’t know what the rules in Slovenia re company ownership are – and MXC may originally have got a special deal from the Slovenian government to set the facility up there – maybe with a commercial benefit. Slovenia will want to make sure that is sorted as part of and transfer of ownership. It is logical that some delays will have come up with this deal. Surprising there were not more to be fair. The original timing was certainly optimistic but I am glad they are choosing to get everything right this time around.

 

We, of course got bombarded today from the usual offenders – basically, the electronic equivalent of ambulance chasers. I have not read any of the comments they made (not least of all because of the sheer number). I can imagine what they said – “It’s the VC deal all over again”, “CEO should get rid of his 35 Ferrari’s and private space ship”, “ run, run, you’ll all be ruined by Sunday” “I told you this would happen” “this is a bad announcement from a bad company” “they are evil – does someone have a wooden stake”  etc etc etc.

 

You can make your own choices  – either listen to the strident histrionics from those who are continually trying to erode confidence in MXC OR you can use a little bit of logic.

 

In the last 8 days (6 trading days) a bit under 200mil MXC shares were traded on the ASX – 11^th saw 62mil and the day of the trading halt, 42mil. Today less than 7mil shares traded. That means that the vast majority of people who jumped on board and purchased MXC shares are still with us – they have not abandoned the company and must see the benefit of staying in the game.

 

 

SP down a bit – and quite frankly, that is no big deal – on the 31^st it will go up again – and then when Cannagloabal floats – it will go up a bit more.  Three weeks ago we had an SP of 4.8 cents – and it is up over 40% in that time.

 

What we saw today were people who had jumped on board to collect a quick profit when the deposit announcement came deciding that it was a good time to make some profits. They now realise they will have to wait another two weeks. Sell now and see if the price comes down – and then they will buy back in on the 30^th October. This happens to any spec share that seems to be flux and a bit volatile. Probably happened when Henry floated FORD a hundred years ago.

 

We didn’t have millions of rats leaving a sinking ship – what, we had were a few (relatively) well fed rats taking a day trip at a tourist spot.