vercengetrix,In the last announcement in January this year, the...

vercengetrix,

In the last announcement in January this year, the Directors advised that if the conditions precedent are not satisfied by 22 May, 2013 then the DOCA will have deemed to have terminated and the transactions under the DOCA will not be completed. This means that, subject to no other changes, on that date the Company will be handed back to the Administrator and he will then proceed with the appointment of either a receiver or a liquidator. In MST's case, given the previous failure of a sale as a going concern, I assume he will move straight to liquidation.

Given that the time required for the issue of notices of meeting which can be held to satisfy the 22 May deadline, has all but passed. It seems that unless the exemptions sought, of both ASIC and ASX, are not approved in time and that no Shareholder's meeting has been held the DOCA will terminate, and we may get to road test the "liquidation is the best option for us" theory.

I still suspect that ASX is the one causing the problem as the question of the issue of the shares, if not exempted by ASIC, could have been resolved, for or against, by a Shareholder meeting. Whereas, the condition precedent of the approval of re-listing on ASX can only be agreed to by ASX, not by a Shareholder vote.

Some sort of update would be nice, we have gone from an announcement a day under the old Directors to hearing nothing However, it may be a case of nothing to tell in which case they could also tell us that.