There are a couple more skeletons in the cupboard that the...

There are a couple more skeletons in the cupboard that the directors did not take the opportunity to treat as impaired, namely OLY and NMI a couple more of MK's outstanding investments. Rule number 1 of any new board is to write the lot down and dump it onto previous management.

TTY holds 15% of NMI a lifestyle mining exploration company that may well be starting to run low on cash if their $1m SPP flops (it was to close on 30/9 and the silence has been deafening as to what hit the tin)and good old OLY which is nearly as big a basket case as MAL. MK did the placement in NMI last September to bale it out and secure a strategic holding in OLY which lead to the bid, but the whole lot looks pretty pear shaped now.

Not really big bickies in the scheme of things. However it all adds up, a few million here and another few million there.

IRL, MAL, OLY, MON, NMI are all in the bottom drawer class and are slowly heading over the point of no return one by one. One can only wonder what TTY's board was doing allowing MK to blaze away with this garbage. Can only hope that the new board can ring-fence TTY from its highly questionable past investments.