invitation to twin hill garden party!

Invitation to Twin Hill Garden Party!

Did you receive your invitation?
No!
Well in that case you can’t be a mate of Uncle Bob?
However, the lucky invitees did enjoy the tea party at your expense.

While your shares and options, on the day of the announcement, were valued by the market @ 40c for MMN and 17.5c for MMNO the select group of inner circle mates, or mates of mates, paid effectively only 27.25c per new MMN share.

Yep, 27.25c ps, not the headline 36c ps.

How come you ask?
36c ps less the value of the free ½ MMNO (17.5c/2=8.75c).
36c – 8.75c = 27.25c ps.

That is equal to a discount of 31.9% off the current market price for MMN shares!!

Not bad if you can get it.

But for some of the many ‘Johnnie’s come lately’ on this forum, Uncle Bob and his troops can do nothing wrong, so I guess a few special favours to the mates are OK – right? …..and to hell with those who have been keeping the ship afloat for all or some of the past dozen years or so.

However, if you didn’t get an invite don’t despair, they did do something special for you.
With this issue they made your load easier to carry!
See, you now own less of the silver which we are told is hidden in them there hills down Texas way.
In fact this new issue (fully diluted) will reduce your share of the company by around 5%.
Happy now – good that is what it is all about.

Btw – did you notice that your Managing Director didn’t even bother telling you, the shareholders, or ASX/the market the terms of these new free options - no expiry date & exercise amount included in the announcement?
Nor did he tell us if there is a brokerage payable or other fees associated with this placement.

Good corporate governance! Yeah, sure.

Well, as someone said earlier, they are geologist so you will have to make allowances.