so how can the board support a selective buy?

Based on the quarterly activity statement I cannot see how the board can support a selective buy back, can someone please explain this to me?

1. The cash backing as at the end of the quarter was $0.048 yet the buy back is between $0.040 and $0.042/share
2. The next quarters expense is Greater than the interest earned in the current quarter so cash will be further depleted. Having said that their is the Special meeting and expert that need to be paid. Even so if the selective buy back occurs the cash will be further depleted and the earnings ie interest will not be able to support the ongoing costs of a listed MMX.

Do not be fooled, this is a step in unlisting MMX and keeping the spoils for Sir Ron!

Also, it is worth noting that Cashmere has stated that its detailed study and financing for the next stage will be completed in the second half of 2013 so MMX may well see some value come out of the written off investment in Cashmere. I suspect that is why Sir Ron wants the buy back to go ahead it will give him time to take MMX private and reap the benefits if Cashmere comes off.