Hi Mal,
I will leave it to you, MUL, or the authorities to clarify the following:
1)
APPENDIX 3B:
Why a new Appendix 3B New Issue Announcement can result in the issue of shares on 4th September @1.125c, vs a 7c closing price (but with an unchanged 56.5M Options on issue)?
There have been some suggestions made that the ASX Header was in error, but a quick check of all Appendix 3B announcements for 2003 would suggest otherwise.
Also, if the Appendix 3B concerned a Convertible Note of some sort, just why wasn't this the subject of shareholder approval (or was it?)?
2)
DIRECTOR ELLISON:
Every shareholder /Director has a right to sell or dispose (or buy) of their shares. Directors, however, are insiders, and are custodians of the Company for the benefit of their shareholders. When one or more Directors take the option of selling significant shareholdings, it usually becomes interesting to the market. Think, for example, Matthew Perrin and BBG. Also, think Peter McGrath and UEC (and the rather unfortunate way in which McGrath's interests were classified as 7% of his equity interest, when ~85% of that interest remains Options that have not yet vested and still remain heavily underwater).
In Ellison's case, he sold 4M shares out of a total holding of 4,012,000, leaving just 12,000 shares held, post transaction. In the process, he netted US$128,000.
So, why not a clarifying statement from MUL to soothe shareholders' feelings?
And just how can it be that an Australian listed company, resulting in an on-market trade, translates to a US$ consideration of US$128,000.
3)
DIRECTOR BALLENTINE:
More importantly, he is the CEO of MUL and enjoys a similar profiling to Perrin and McGrath (ie: insiders, behaviour watched closely, any movement in shareholders likely to be closely followed, etc).
And yet, even here, the ASX announcement was in error. You simply cannot issue an announcement saying 31M held, 13M sold, 12M bought and 18M now held, and then only include the consideration for those shares sold.
If 12M have been bought, then another clarifying announcement correcting for this error should have been immediately issued.
So, far, nothing.
4)
CLARIFYING STATEMENTS:
Also, no clarifying statement from the Company explaining why a Director/CEO have sold down their holdings, in one case by ~99%, and in the other (discounting the 12M shares acquired, but not recorded or, as yet, explained), a reduction of ~40%.
These are significant moves. Are not the shareholders entitled to know why?
The Directors are human, as Elena explained last night. That's why its important for them to get the correct, clarifying information out, and the right messages across, otherwise they potentially risk the integrity of the Company and of their own positions.
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