from australian business

Metal Storm finance story with Assure drags, no cash in sight CITY BEAT: Michael Bennet From: The Australian November 16, 2009 4:14PM

INVESTORS are learning more and more about Metal Storm's mysterious deal with overseas financier Assure Fast Holdings (AHFL) every week, but seemingly getting no closer to the cash.
In an update today, the weapons maker said the much delayed first tranche of about $US1.9 million ($2m) would now arrive on Thursday, after it again failed to arrive last Friday.

Not even the added news that Metal Storm and AFHL now require the remaining $US32m prior to Metal Storm shareholders voting on the package saved its share price, with MST securities falling 6.45 per cent to 2.9 cents.

Alas, nothing remains certain, with Metal Storm admitting that “confirmation of the joint funding is expected this week but is not yet in place”.

Today’s announcement follows a similar update last Monday that, surprisingly, had MST admitting market scepticism in response to the delays was both “healthy and proper”.

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The deal has been plagued from day one by such irregularities as bank holidays, cyclones and Metal Storm not knowing where Assure chairman Robert Rivero was based. (We later found out it’s Manila).

Investors must be praying Metal Storm’s director in Hong Kong, who is “assisting” the deal, makes it happen this time