just on the issue of ASOF taking over the Harmony notes -- have we had confirmation of this?
last I read, there was some form of agreement in place, but then the next thing we saw was MST being in default, resulting in the cash loan from ASOF ($700K) being partially repaid, and the balance, some $460K, being turned in an obscene convertible security, valued at $700K...
ASOF were also meant to retire $3.6 million odd of the secured notes when matching monies given by punters for the late 2011 capital raising, but we haven't received any confirmation that this aspect of the deal/agreement was fulfilled by ASOF after the MST default -- had this occured we should have seen an announcement or read about it in the 2011 Annual Report
All I'm saying is that yes there were announcement that the above was going to happen, but we never received confirmation that it did after MST defaulted -- all I can see is that ASOF didn't take over the notes, and didn't retire any of the notes, and only negotiated a sweet $700K convertible security for a price of $460K, which will see ASOF come into over 700 MILLION shares
clearly one or more people in MST screwed up BIG TIME, yet no one has lost their job or tendered their resignation...
--- see for instance page 49 of the 2011 Annual Report, and page 59 at item 28.
good luck
MST Price at posting:
0.1¢ Sentiment: None Disclosure: Held
