Hi Elena,
Sorry to disappoint you, but I do not know Munch. My nic has always been Grant62 and the few who actually know me outside of HC know exactly who I am and what I do.
Beyond this, Elena, I am quite disappointed with your attitude. Today, I have been away since 5.00am and just got back home, having spent the day at the hospital, as our 2nd son was born. Therefore, I have not had time to post, nor to see anything much of what has happened today on the markets.
But, given your comments, I have again checked MUL, today.
For the record, there were 3 announcements, today:
1)
Director Ballentine through Jamif selling 13.2M shares and acquiring 12M shares. His pre-change holding was 31.2M shares, but his post-change holding is 18.04M shares. So, already, his Disclosure Notice is wrong, as his post-shareholding should be 30.6M shares. Or, am I mistaken here?
Ballentine's shares appear to have been sold @7.2c, for a consideration of $954,691.
But, if he also acquired 12M shares, then where are the disclosure details /price for these? Were they converted Options? What was the consideration? And why was today's ASX Release either in error, or incomplete?
Looking at today's New Issue announcement, where the number of unlisted Options on issue has remained unchanged @56.5M Options, the answer would seem to be that no Options were converted by Ballentine.
So, again, where are the incomplete details of the 12M share purchase?
Also, it was nice to know that Ballentine sold his shares during 28th and 29th August - straight after /following the General Meeting where approval of the convertible note (which was then promptly converted to shares and presumably then sold on-market) was approved.
2)
Looking at the New Issue Announcement, why was there the need for a further 4M shares to be issued for working capital purposes, given the very recent $3.5M funding facility (since converted to shares)?
After all, the issue raised $50,000, but the shares were issued @1.125c. These same shares were worth $280,000 at tonight's closing price.
Query:
Are they still being held? Are they escrowed in some way? Or, have they already been sold on-market, for an effective 4.5x gain on the allotment price?
3)
As for Director Ellison, he sold 4M of his holding, leaving him with a net 12,000 shares. Nice one, that. And, apparently, he raised US$128,000 in the process.
But how is it that ASX listed shares in this instance can be sold on US$ terms, given that it was an on-market trade?
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Elena, I agree with you. Directors are human too and "they need to spend some money and enjoy life".
I also agree that "there is no point if we have millions of shares but in the end we die without having the chance to enjoy life. Just like me and everybody else too.I like to enjoy life before I die".
However, in my past /continuing criticisms of MUL, I have challenged the Corporate Governance process, and the rather opaque way in which this process appears to be adhered to.
Simply put, today's announcements leave unanswered the following:
1)
Why Ballentine's Notice is incomplete (omitting details of the 12M share purchase)? Did the purchase happen or not? If so, why the incomplete Notice? If not, then why an erroneous Notice? Surely by now, a clarifying Notice should have been issued including details of the 12M purchase if indeed this purchase occurred?
2)
Why Ellison's Notice discloses an on-market trade in US$ when (unless I am mistaken) MUL does not trade in the US?
3)
Why the need for additional working capital, and more especially, why the need to issue 4M new shares @1.125c (rather than @5.5c, as for last week, or 7c, as for today's closing price).
Elena, hopefully as one of HC's less frequent, but very long standing posters, you may be able to clarify some of these points for us.
But, if not, then even you may well have some of the same concerns that I have regarding today's announcements.
Now, instead of continually diluting the share capital base, why can't MUL get on with doing things right?
MUL
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