When I bought this stock in the middle of the GFC I thought I picked up the bargain of the century. The first institutional raising was massively over subscribed and the wow factor of "largest nickel sulphide find in the decades was palpable".
Then came cap raising after cap raising and I thought "holy sheet" !
When the unit cost was sky high and ni prices kept falling (thanks partly to Chinese NPI), I jumped ship at around $1.3 (still in the black). I couldn't envisage that it would hit 56 cents (this afternoon).
This company is full of debt and little prospect of making a buck.
Unless it is priced for bankuptcy, I won't even take a punt.
This is a case of distress asset.
At 10 cents, there is a good upside but the risks are very high right now for the stock to be shorted and dumped.
If the next sets of announcements are poor, then strap onto your seat for a rough ride.
MBN Price at posting:
54.0¢ Sentiment: Sell Disclosure: Not Held
