Rumour has that at the Tuesday mediation MMX offered CHM $50 million dollars to put the case to bed which was in turn rejected by CHM.
4 questions need to be answered if this rumour is true:
1. If MMX has such a good case why did they offer CHM this figure (or any figure come to that)?
2. How can MMX make an announcement Wednesday stating they are “confident that there is no sustainable basis for Chameleon’s claim” when the directors of MMX supposedly threw $50 million on the table on Tuesday?
3. How can MMX shareholders be confident they are being told the truth by shareholding directors, who have watched the value of their own shareholding fall through the floor? Have they resorted to portraying a false confidence, intern misleading the public, to try to boost the share price and re-bolster their back pockets?
4. If CHM did not accept the offer, they must have a damn good case to want to proceed to court. Why risk losing the mediation offer with the expectations of being awarded more if you had no case. Sounds to me like their confidence in the case is warranted if they were willing to throw $50 million back in the face of MMX. It think yhis is also backed up by the announcements made in the later part of this week.
With these sorts of figures being thrown around, I don’t think another couple of hundred thousand from Benny and the CHM boys will equate to little more than small change when the final court decision is handed down.
Maybe you should swallow your pride and get on the CHM train. After watching this case with interest for sometime now, the rumours make this to good to pass up now and the rock bottom price of CHM seems like a bargain, especially added with the rights issue of being able to pick them up at 2.7c.
Even if they had of took the mediation offer it would have pushed up the share price and made a handy short term earner.
CHM Price at posting:
12.0¢ Sentiment: LT Buy Disclosure: Not Held
