The Moderators have asked for substantiation & less emotion so...

The Moderators have asked for substantiation & less emotion so here it is.
38 thumbs up for this post and top discussed for 3 days on HC,
so the investing public must be made aware of whats happening & the class action against MBN, its directors and management & their insurers if they liquidate and LTH lose their money.

To the HC Rebels
I made a list of all of you before & we are holding 70M shares or 7.2% of MBN stock.

Substantiation of Statements/Information
In the Q1 Q2 reports, the H2 report, the February 2015 conference call, the May 2015 conference call, the July conference call and again at the AGM in May which i personally listened to and personally attended all of the above, the shareholders of MBN were advised by the CEo, the CFO & the board of directors on several occasions as follows expressly, orally & in writing:-

We were told MBN was safe & stable investment (numerous times stated by the CEO) not insolvent with inadequate cash holdings that couldnt fund capex
We were told MBN was financially prudent & reliable (numerous times stated by the CEO) not that they would burn cash from US$25M to $0 in 4 months
We were told capex was US$25M-$33Mpa ($2M-3Mpmonth) (announced in the H2 report) not US$22M in 4 months or US$5.5M pm equivalent to $66M pa (actual) doublke that represented and budgeted for
We were never told that capex of $22M would be spent in Q2 & Q3 over 4 months depleting the cash to 0 (never announced anywhere)
We were told by the CFO expressly in the conf call May 2015 they would have US$100M cash by 31 December 2015 when its now 0
We were told BRL COP drop was insulating the NP drop (stated orally by the CEO in the May conf call & at the AGM and also in the H2 report expressly) when the TH & VA stated reasons contradictorily stated NP drop was the cause of the administration & TH
We were told sales in 2015 were "fully committed" (numerous times stated expressly by the CEO & in writing the H2 report) when they were in fact lagging and didnt get paid (now shown by lack of cash).
We were told when MBN was relisted in February 2015 that COP was below the NP and it was profitable with cashflow (stated numerous times stated by the CEO &CFO & the Q2 report)

The Corporations laws, ASX listing rules, duties of care, and continuous disclosure requirements & alleged misrepresentations stated above will be examined for breaches justifying legal proceedings for losses and damages by all shareholders in a class action by our lawyers.

Numerous Australian shareholders bought and sold shares in MBN relying on the accuracy and truthfulness of these statements that MBN was safe & secure. It is now without any sufficient or reasonable warning under administration.

The statements stated above may be misleading & deceptive, contrary to ASX listing rules, in breach of directors duties of care to their shareholders made to ensure investments were made into a safe and stable company which was in fact insolvent (allegedly) or was being put into administration again.

I will take the following unemotive and professional actions hereafter:-
- I will call my sister in law & her brother who are solicitors and a barrister for legal advice
- I will meet with IMF litigation funders and their director Hugh McLernon of IMF (listed on the ASX) for this purpose of this class action suit;
- I will call Maurice Blackburn & Cashman & Slater & Gordon and meet with them in Perth with a view to commencing legal action in the WA Supreme Court (MBN R/O & administrators are in Perth)
- the causes of action will be numerous breaches of the Corporations Law & ASX listing rules, material non disclosure, false and misleading conduct, breach of duty of care, breach of directors duties, relisting in February when insolvent, insolvent trading, not disclosing capex substantially higher than announced or sales substantially lower than announced, deception of Australian investors
- we as Australian shareholders will issue class action legal proceedings with the help of these lawyers
- the defendants will be the directors, the company under administration, their directors liability insurers, and perhaps US NHs who were responsible for this loss and damage
- we will commence legal proceedings for our loss and damage if they don't relist or try to take our shares for nothing

We HC rebels can engage Maurice Blackburn Cashman or Slater & Gordon or IMF litigation funders and Hugh McLernon for a class action of shareholders. They can run this case like the others on spec and filing fees and a cut of 20% for the winnings.

I have briefed numerous solicitors and senior counsel before including several class actions before. I have spoken to all of these lawyers before and know many of them. They can launch legal proceedings against them and their insurers in the event these breaches were unlawful. Their insurers will be forced to fund and defend the actions and we will have WA home ground advantage in WA courts & local WA lawyers on our side.

All those who consider personally aggrieved and wish to participate in this class action (now over 30 of you) please forward me your contact details, email address & number of shares for relay to our solicitors to -

[email protected]

I have created this email account for this purpose.
I will attend the creditors meetings and brief the solicitors.

Who is with me give this a thumbs up and send me your confidential details.