PEP11, ADVENT, , MMR AND BPH

This announcement was made over at MMR this morning...

https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvTDYD6we6yxGZrfprke92GA%3D%3D

I posted the following comment over at the MMR forum and I now post it here because I am a shareholder of both BPH and MMR and the ongoing dispute over PEP11 is between the board of MMR and David Breeze. We are advised that the vote for an in-specie distribution of MMR's shares in Advent Energy required under an agreement between MMR and Breeze cannot go ahead until certain information is relayed from Breeze to MMR, yet such information has reportedly not been provided. I am also curious at the silence of Mr Breeze who struck this agreement with MMR. MMR presently own 49.4% of Advent Energy...


I think we have all had enough of this bulldust. Mr Breeze and MEC struck an agreement, part of which was to put an in specie distribution to a vote. Now MEC keeps telling us that Mr Breeze is not providing the information he must to put the distribution to a vote.Who is playing games?

We can't get hold of MEC to ask them and Mr Breeze has not uttered a word about the future of 49.4% that MEC still hold in "his" company!Breeze and MEC need to sort this s%&# out! It's a merry-go-round that noone is hopping off. Now that the MEC board is going under a restructure, how about they reconsider their play with Breeze and work out a deal to protect the value of our shares in PEP11 and cooperate with Breeze in doing whatever it takes to get a second drill underway?

This is the worst kind of stalemate and no shareholder is going to win in any of the companies with an interest in PEP11 until it's resolved. I have not been, nor am I still, particularly fond of Mr Breeze due to the game playing of the last few years, but I do believe in his ability to make money for himself, and as a by product also make money for us with PEP11.

MEC needs to get together with Advent Energy and come up with a better agreement that gives MEC holders an opportunity to stay in PEP11, let Breeze take the bridge for a second drill, MEC can help raise capital for PEP11 if required and do what MEC did before to lift the SP over $1 in 2010! If someone doesn't get off their posterior and start cooperating, then this stalemate could go on ad infinitum.

All parties also need to consider the effect of a majority NO vote by MEC shareholders for the distribution. That is, no effect - this stalling will continue forever and none of MMR, BPH or Buy will ever get to enjoy the fruits of our investment and patience.

BPH holders should ask two questions here =

1. Why are the parties not cooperating to effect the in-specie distribution subject of the agreement made last year? Isn't the intent behind the distribution to get PEP11 progressing?
2. What will happen to progressing to a second drill with PEP11 if MMR shareholders vote down the distribution (which is likely given past experience of the outcome of Breeze and associates' initiated proposals to MEC shareholders) and this standoff between the parties continues?

Whether we agree or disagree with a distribution of MMR's shares in Advent, surely we ALL want this bulls$#% to end and for ten years of waiting for another drill to come to an end!!!