"MRR will be diluted down to 50.55% of advent after it conducts a 27m capital raising for Fish drilling early in 2010."
14 million Shares to Talbot Group of the 55 million - 9.7% holding in Advent
In the event GBA and Others wish to retain their current holdings 5.9 million Shares to GBA of the 55 million - 10.7% holding in Advent 4.15 million Shares to Others of the 55 million - 7.5% holding in advent
MEC is then raising capital to take up the remainder. If GBA and Others retain their current stakes in Advent, then MEC take up 31 million shares of the 55 million - 72.1% of Advent.
Advent have stated they wish to raise $27.5 million at 50c, so expect the SP to appreciate to around this point if not higher in the coming month.
MMR Price at posting:
36.7¢ Sentiment: Buy Disclosure: Held
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