Hopefully some can see some of the humour in the following:
For those who don't that is fine.
Anyway here is my interpretation on the 20 Q&A (in my opinion only, each will have their own take):
1. Why sell Los Calatos when we are currently taking it through feasibility?
No one wants to give us more money so we can support our salaries and accustomed standard of living without having to show tangible results so we flogged it.
Selling the Company’s interest in Los Calatos at this point allows the Company to get the cash we need to pay us - the self serving tools who run this Ponzi scheme. Giving the value of LC to you SH would have not helped us so why should we.
2. Doesn’t US$5m undervalue our stake in Los Calatos and not take into consideration its future value?
Of course it does but we wanted the money now or we might have started having tantrums!!
We probably should of sold it earlier on for the many millions more we were offered a few years ago but we were playing with our wieners and dropped the ball, not our fault.
After detailed consideration (flipping a coin), the Board formed the view that monetising the value of the Company’s’ interest in the Los Calatos could pay for our holidays next year.
Shareholders benefiting from our proposed in specie distribution of shares was not helping us so thought what the hell. They have not appreciated what we have done so far so F-em.
3. Have you approached other parties about buying our stake in the project?
The Company has explored many other options prior to agreeing to sell our stake in Los Calatos but it seemed too much work and thought bugger it.
4. What effect will this have on the Company’s share price?
We don't care about that anymore because the SH are not important.
5. What will you do with the cash raised?
Spend it until it runs out. What a silly question!
6. What is the long term strategy now after the sale of Los Calatos?
Find a new way to siphon money from suckers like you.
7. Is management considering a further sale of assets?
When we need the cash, yes we will.
8. Has the Company come out cash positive from the sale?
When you don't take into account the many millions we spent on LC then yes.
We will need to do a dilutive equity financing sometime in the future as we are Bernie Madoff wannabe type guys.
9. Does the Company have any option on the asset in the future?
NO. We stuffed LC up thoroughly.
10. Do you believe this was the optimum sale time for Los Calatos?
No but we exhausted all the people wanting to give us money for nothing.
11. What is the In Specie Distribution all about and why is it so complex?
12. Why did the Company decide to sell LCH and not distribute to its shareholders?
TWO FOR ONE ANSWER: We were hoping it would get SH to buy more MNC shares and increase the share price but we really did not comprehend how much many of the SH actually hate us not just as businessmen but people. So we thought screw the SH.
13. What guarantee is there that the Company will use the funds raised to increase shareholder value, why not make a dividend of the cash received to shareholders?
NONE. Again, we don't care about you and having the $5m keeps us in clover for a while longer.
14. Will my holding in Metminco to be further diluted?
Of course. That is what we are best at and when you are good at something you should aim to be the best.
We can dilute scotch so it looks and tastes like water! We are that good at dilution.
15. Why not raise funds as opposed to monetise interest in the Los Calatos Project?
No one wants to give us money, especially our long term supporters. Burned that bridge.
16. What is the status of the Los Calatos project?
Not our problem anymore
17. When is the Company aiming to have an operating cash flow?
Operating cash what????? What you talking about??
18. What is the timing for the Company to commence gold production and what additional funding will be needed?
We will take money whenever we can. Please give to our charity - The Howe and Wing foundation. It is for a good cause, really it is.
19. What does the sale mean for the value of my shares?
It means you have few assets keeping the current share price and we will spend the cash as we are good at that too. We might just get lucky with the gold project but don't hold your breath.
20. As a management team are you confident you will make a success of the Quinchia Gold Portfolio?
NO, not confident at all but putting on a brave face by avoiding SH. Now leave us alone so we can plan our next holiday.
MNC Price at posting:
5.2¢ Sentiment: None Disclosure: Held
