MBN (ASX) Tomboys Creditors Meeting Report

Email sent 6.45pm WST

Robert Kirchner
Martin Jones
FH VA for MB

Dear Sirs,
Another point raised by our mbn class action team today:-

An oral statement by the CFO Mr Mundin in the August conference call as to adequate liquidity for the whole of 2015 only 3 weeks prior to the Trading Halt:-

07 Aug 2015 - Investor conference call
(READ: MERELY 20 DAYS BEFORE THE TRADING HALT). 14:30 onwards
Mundin
"..moving on to the next slide on liquidity. As mentioned throughout the presentation we have worked on numerous improvement initiatives and we still have come underway that will continue to deliver things. We are focused and we forecast to maintain SUFFICIENT LIQUIDITY IN 2015 in a very challenging nickel price environment through basically the following metrics. REDIFINING THE CAPEX PROFILES TO MATCH EXPENSES WITH CASH AVAILABILITY."

No mention of illiquidity nor any cashflow shortage at all. ASX listing rules require immediate disclosure of any change to forecasts, not continual positive statements contrary to reality of cashburn, capex acceleration and cashflow critical status causing administration.

We ask that you investigate these statements of the Brazil management, the CEO & CFO and consider either removed immediately or recapitalisation asap.

None of the US creditors or US shareholders want this outcome, nor the mine affected, they want this brasil team retained. This can be a stick to use on them.

By allowing the brasil team to remain you are prejudicing your own legal position and
XXXXXXX redacted confidential.

Our team is mixed as to whether to remove the Brasil management but you have to consider that their position xxXXXXX if these statements to the Australian & US investing public xxxXXXXX. Please keep us shareholders informed.

Note to all readers
The pressure is building on everyone now.
If the VA moves on the brasil team, there will be serious objections by the bad wolves & may affect the mine operation. If he retains the brasil team he is prejudicing himself and helping our legal causes of action. Its a no win position either way.
Lets see where we go from here now they know our interests & our mixed position on the brasil team.

A winning position is a recap and CN payout and relist with no losses for anyone.