MCL just hit 6.9c and unfortunately there is no sign of the SP...

MCL just hit 6.9c and unfortunately there is no sign of the SP stabilising. The company is in a sentiment hole. There is no reason to buy this stock and risk catching a falling knife. As mentioned previously, I have written off my own holding, so will stay the course and see what emerges from the Strategic Review. Its not looking good.

The future of the business is essentially in the hands of Pure Asset Management. We know from the last business update they required MCL to raise $8M, of which $5.2M was raised from the Placement and $400K raised from the sale of the Hunter venue. Shareholders were not advised of the timeframe PAM gave MCL to raise the balance. Assuming there have been no further divestments in recent weeks, could this be a default trigger? PAM may seek to place MCL into administration if they cannot see a sustainable path forward. They will be first in line to recoup their $20M loan to MCL. In my view, only the sale of a significant asset (one of the assets I outlined earlier) to reduce debt and bolster cashflow, will secure the short term future of MCL, albeit in a scaled down form.

Also, I would have expected an update of the Better Beer CR by now. Does lack of an update mean they didn't raise the $20M sought? We can only speculate until we hear from the company. Sooner rather than later would be nice !