All claims now settled and board wants to return cash on hand by February 13.
Cash on Hand at the end opf last quarter was $26,985k. The two claims were settled for around $3.7m in total (interest & GST included.
That leaves $23,285k on hand (ignoring any interest earned. or $0.052/per share. This ignores the value of the investment in Cashmere ($0.0044/share @ cost)and the remaining temanets that they hold.
Effectively we should see the SP jump today to around $0.0545/share to reflect the discount of the outstanding claim that has now been settled for $5.2m less than what was claimed.
This is the reason why Sir Ron (MVT) has been steadily increasing his holdings in MMX over the last few months.
MMX Price at posting:
4.3¢ Sentiment: Hold Disclosure: Held
