I hear what you're saying Roger, from my reading of the same...

I hear what you're saying Roger, from my reading of the same quoted extract: contractors or otherwise, a director is a director is a director. I see also today that the WTR board appears to be backing down pretty quick from their own s.249 issue, with two new board appointments and one of the targeted directors resigning just before the s.249 ann. It looks like they don't want a public fight over whatever issue was the catalyst.

For our company, in spite of the initial excitement expressed over this latest molo ann, I believe that we have not benefited from this deal. The muted market response for both companies sort of confirms that this development has been expected for some time. It has certainly been floated here on HC more than once.

The deal structure has all the hallmarks of a troubled asset sale, leading one to wonder what the actual trouble is. I mean, $400,000 cash (walk-around money) plus a mere $700,000 upon BFS completion, and a few escrowed shares - all for a quarter of an asset that has an NPV well north of $400 million and with multi-billions of graphite reported to be in the ground. Even with the production-commencement payment, it's pretty weak. Just in time for the looming AGM though.

Sorry to be the wet blanket, I just don't see the value for Malagasy in terms of the value of the now departed asset. I also can't help myself wondering why MGY 'exploration' didn't pick this up when graphite got interesting all of a sudden in late 2011. OZ