Marion is trying to refinance their debt right now- it was all ready to re-open and boom out the gates like MBn did but the creditor at the time of the AGM obviously is refusing to waive their bond restriction terms as to performance and production targets which are below that specified and may be claiming a default.
With some 10 Trillion cft Nat Gas in site and a massive resource onshore in US, i cant see this holding out for much longer - Korda Mentha and 333Capital will get htis done as they would not have sepnt $2M cash to get it ready to relist and taken it over effectively to let a difficult bondholder ruin it all. Junk bonds are very easy to get in the US right now, MAE will announce re-opening once the bond and debt is resolved, perhaps negotiate amendments to the terms with the existing or refinance him out. Korda Mentha have many avenues here and will get this last piece fixed.
They will announce a debt restructure ir refinance soon and then it will re-open and then do not sell but BUY.
MAE Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
