I think that is oversimplifying the scenario a little.
MMR holds PDF status which is hugely valuable due to the CGT and Income Tax exemptions SH can receive. There would be no benefit in altering that structure.
BUY were the operator, MMR and BPH farmed in, so that can't be changed.
So whilst the structure may be more complex than others on paper, the reality is there isn't going to be any change nor should there be. It's seen by some as a perception problem, but perception will be quickly forgotten once we get our approval.
As for the Directors, MMR has been a revolving door from 2016 to 2021, but things have been very stable since. The current team has worked tirelessly to (a) restore PDF status (which the old regime lost), (b) settle all creditors, (c) fight Scomo to get PEP11 back on track, (d) get MMR reinstated to quotation, and (e) now fighting Albo to get PEP11 back on track again, which I expect will be achieved in the near term.
They definitely have earned the right to drill this well IMO given the unprecedented circumstances that they have been confronted with.
MMR Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
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