For those more recent SH, MLX has a historical investment in BRN, going back to Aziana days. Currently about 7.1% shareholding, with APAC holding slightly more at 8.08%.
The SP of BRN was above 0.24 in Nov 2017, and was about 0.34 in Jan 2017. The SP has progressively dropped since Nov 2017. The company still has promise, but as yet no growing income and lots of hype.
Today the SP dropped to 0.145.
BRN AGM is on 10 May. Despite the poor performance of the Board and a more than 50% drop in the value of SH including MLX investment in BRN over the past 15 months, the Board and CEO are proposing many millions of free share options for themselves, with very liberable terms and no performance targets.
The Resolutions are (as many HC posters have stated on BRN threads) extreme examples of snouts in the trough. They are certainly the worst that I have ever seen, and are well worth a read just to be amazed at the gall of some Company Directors. And their disdain for their owner share holders.
Includes a resolution to extend the time frame for previous performance based options.
Here is the link. The liberal conditions make especially appealing reading, imo.
I hope that MLX SH will communicate with their own Board, and ask (demand) that they vote against ALL resolutions at the upcoming BRN AGM, and also demand that MLX takes strong steps to try and restore some value to the MLX, and your, investment in BRN. Which at today's close is now only worth $7.55m.
A start would be removing the Chairman, and giving "one strike" to the Remuneration report. As well as of course blocking all Option resolutions.PS I sold my long held (Bluestone Tin days) MLX shares last year, held since the days when Tin was barely profitable.
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