Maryse ought to have stated at the AGM & 3 conf calls the following:-
- yes tomboy we do have a LT plan for the cash, we are going to burn all $25M of it in 4 months and then go into VA
- yes tomboy our LT plan for the cash does not involve you shareholders as you will get nothing and wont be able to sell your shares either even if you wanted to as we will suspend them without warning
- yes tomboy our LT cash plan is massive capex spending like crazy to build the assets up so we can dump it to a takeover buyer cheap while all of you holders get shafted
- no tomboy I don't work for all shareholders but only for 2 creditors who are going to reduce all your shareholder value to 0 or 13c if your lucky
- I will be putting this in a TH as we cannot get money on the income & deliveries which I promised was "fully committed" for 2015 including to today
- when I said 2015 sales offtake was fully committed I meant to say we cannot make ends meet and cash will reduce to such irresponsibly low levels requiring a VA
- no I wont resign but all the other directors will
- the CFOs statement of US$100M cash by 31 December was wrong and he retracts it unreservedly, he should have meant $0M cash by 31 August
- The NP drop has NOT been insulated by the BRL drop at all, in fact we are running out of cash
- I intend to blow all the cash of US$16M as at 30 June in 6 weeks
- the CR I mentioned well I didn't mean that as we cant get any & I really meant to say there will be a VA appointed
- when I said safe and stable & financially prudent I meant just the production not the financials, cashflow or cash at bank and
- our new strategy is to do the most unsafe, unstable and most irresponsible thing, burn all the cash and then cry for help, that's our new strategy, just thought I would let you know
- yes our 4 year plan is out the window, we really meant to say, we have a 12 months plan of going under and losing everyones money
- the capex is actually not $33Mpa but $70M pa this year and running out fast, we will spend that annual budgeted capex of $30M in 6 months! In half the time budgeted.
- yes the plant shutdown was a furfy, it really meant a few railings fixed over a few days, sorry to the 15M shareholders who sold their shares cheap at 11c on that furfy but you are the lucky ones as you wont have a VA to deal with
- well I did try to scare you all into selling but you didn't listen properly when I said safe & stable.
- oh yes those warnings on every page of Q2 means we are going to go TH & VA any day now, so don't buy shares
- in fact we shouldn't have relisted in February in ASX as no one can get their money back.
If she had said any of these things, no one nor I would have invested in MBN.
Keeping her and the CFO in is a positive as it means they will not go under and the creditors want a fair takeover without litigation.
MBN Price at posting:
8.3¢ Sentiment: None Disclosure: Held
