A few posters, seemingly concerned about the welfare of share holders, are talking about the facts of MAE. These are the current FACTS as I see them...
Fact 1. In Feburary 2009 Goldman Sachs was mandated to seek possible global buyers for the Company and/or its assets.
Fact 2. On 30 April 2009 a new Reserves Report was released and Goldman Sachs commenced the sale process.
Fact 3. As of today the sale process is well advanced and potentail buyers have access to Sale Information Memorandum and the Virtual Data Room. The information available will include the latest Reserves Report, the Resource Report prepared by Ryder Scott in November 2008 and Reserves Report of June 2007.
Fact 4. The latest Reserves Report contained a figure for 1P, 2P & 3P of 240.3Bcf. The Ryder Scott report calculated a potential recoverable resource from its non producing reservoirs of between 2.4 and 4.3Tcf.
Fact 5. Current debt A$51.4mil...negotiations are well advanced with its existing bankers and an additional U.S. financial institution to provide it with better financing for its future operations.
Fact 6. Delayed reports, cash burn, lack of revenue, mismanagement, lower than expected flow-rates, hydrate issues are ALL in the past...The company is NOW being sold and that was always the goal of the Directors.
Fact 7. Everything else is just bitter tears from people who sold too early and lost heaps, downrampers who would take some pleasure in seeing MAE insolvent causing holders lose their investment and lastly, the faithful share holders that in a few short weeks will hit Pay Day BIG TIME and be rewarded for putting up with so much for so long !
MAE Price at posting:
37.0¢ Sentiment: Buy Disclosure: Held
