102 registered for the mbn class action now. more excerpts:-
Absolutely stunning. This will not be allowed by Australian authorities & its legal system.
"My total holding is just shy of 700,000 shares (692,897) worth about 110k. I had started a engineering company when I was 28, from which the shares were drawn against the finance of the company. I agree with what is said on HC ( in that this is a company that in a short term liquidity issue, and to a large extent is being manipulated by larger order holders to take the much bigger prize). I just can't accept the way that it has been done 'off market'. If you must, do it on market(and screw the share price). But to force a company into a technical VA, for the sake of a takeover(or liquidation purchace) - is downright unethical.
I now have to explain what is happening to my old man, who I convinced to put some of his super into it too. The guilt of this keeps me up at night. I very, very much doubt my personal company will survive this.
I am aware I have made the decisions regarding the investment into MBN and the consequence of those I can accept. But for it to fall over because of some 'corporate chunt' has their hand in the till is what I can't. Once you understand what is involved with the class action (costs etc.) can you please pass this on..."
"Hey TB I got home last night at 11pm and have been up since 4am (sydney time) reading all the posts and info I can find. ….. the one thing that has
absolutely floored me was that someone has hacked the email account you set up….. , obviously we are up against someone with a secret agenda…. and a lot of resources.
...For what it's worth, my 281000 shares are at a cost of about 12 - 13c, and like every one else I bought into
the SAFE and STABLE MBN story…. $100 M cash by end of year…. what a joke… Look after your wife and bubs"
"Hi, I am a asx shareholder in MbN and one of the growing number who have been
deliberately deceived by the company in terms of its current position and stability"
Blaming innocent trusting investors for company statements and announcement cannot be undone by any amount of warning signs or disclaimers, that is a legal unqualified statement. The CEO & CFO ought to have said to the Australian investing public:-
- we don't have enough cash past 20 August
- we will spend all that $25M cash in the next 4 months
- we cannot relist on the ASX as we are not a going concern as at February 2015 and until we are we wont relist.
- our sales have dried up and are not being paid
- our offtake sales & shipping customers are in breach of contract
- we are going to double our capex spending with $16M in 6 weeks when wwe have only $16M cash as at 30 June.
- we maybe insolvent shortly
- the COP drop has not reduced below the NP drop, in fact we are loss producing and making losses on production right now
- we don't have US$100M csh by December, in fact I was wrong saying that we may have 0 cash by 20 August and have to halt trading
- 3 of our directors are going to resign
The fact they haven't said any of this means either it is solvent and will recap or we were misled as investors. There is no other option.
Keep posting your details to join the class action of 102 registered persons and maybe the 2000 local OZ holders ultimately at:-
[email protected]
