You can see by the lack of activity on this stock that the interest in the story has gone or maybe its the belief in what is provided by this company.
After some DD on this stock it shows that the current chairman of the board chose not to participate in the cap raise in 2010 and this shortfall helped to kill off the chance to manufacture the company`s first product in the US. The chairman held 42% of the company at that time and the company needed just $500,000 to start production after raising $1 million in the cap raise.
Interestingly the company had to remove from its cap raising prospectus that it could obtain $40 million p.a once in production. The CEO Peter Emery left a few months later citing differences of opinion with some of the board and one of the founding directors also stood aside and found another job. He is selling down his holding.
The chairman was also the head of a realestate group which brought property worth $21 million within a year of the cap raise by MGZ. Appears that property has more upside than a significant controlling shareholding in MGZ and while I suggest you read the chairmans report in each annual report which outline a number of reasons/excuses for delays in not obtaining any revenue in 9 years I would think seriously before investing hard earned into what are just statements of possible future revenue given this companies history.
IMHO DYOR
MGZ Price at posting:
2.5¢ Sentiment: Sell Disclosure: Not Held
