orphan company

No surprise that the vulture investor extraordinaire Mr. Farooq Khan has popped up with 13+% of MPO over the past six weeks, having bought Baker Steel's 8% at half their entry price. The previous board has basically handed the company over to a couple of Septics to do what they want with and who own about 7% between them. Khan is very smart at moving into companies with orphan share registries and a stack of cash. This is his biggest play yet to spend maybe $9million on getting to 20% and then controlling $69million of funds; cash backing is about 27c before admin costs. When Farooq gets to 19.9% watch for the aggressive 249D notices and a few legal tantrums in all likelihood. The Melbourne establishment who tipped the board last time around seem to have all just disappeared into the ether. Looks cheap (I have a small position) but remember Farooq stocks (BEL, OEQ, QUE) all trade at mega discounts to NAV. Awaiting a white knight (no racism intended).