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70.0¢ mallee resources limited

Voluntary administration would be a neat solution, page-5

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24/07/23

08:54

Post #: 68938372
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Originally posted by Patron ↑

With a successful NO vote, the board and Hartree are unlikely to put us into VA, the board would lose their jobs and Hartree would lose control.

I reckon Hartree will have to come back with a better deal that doesn't include those squillions of free shares and control of the company.

It's like we've been in VA for over 2 years anyway, unable to trade out and faced with losing a lot of money. So I'm not scared of it.

Actually VA would provide a neat solution:

- The mine is likely to continue running, if it is cashflow positive as the chairman says
- Debt repayments to Hartree can be suspended, for as long as it takes, so incoming cash can be spent on the operation
- Administrators can choose not to perform the offtake agreement, can sell it elsewhere and use revenue to strengthen the operation and then repay Hartree
- We'd get rid of the current board that has taken us from disaster to disaster and is now hopelessly owned by Hartree.
-Administrators may pursue other deals, like the merger proposal we heard about. A merger with a listed company means shareholders could trade out or stay as part of a larger successful company
- Given the solid NPV and company valuation in the IER, and cashflow positive mine, the administrators should be able to arrange a recapitalization and repayment of the debt, with relisting of the company in due course, say
Hartree won't have control, our shares will be worth something.

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Today is the final full day to get your "AGAINST " proxy vote registered prior to Thursdays meeting.
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"Your proxy voting instruction must be received by 10:00am (AWST) on Tuesday, 25 July 2023, being not later than 48 hours before the commencement of the Meeting. Any Proxy Voting instructions received after that time will not be valid for the scheduled Meeting. "
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Vote AGAINST today.

I pray something can be salvaged out of this shameful mess... good luck

MYL Price at posting: 70.0¢ Sentiment: Buy Disclosure: Held
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Voluntary administration would be a neat solution, page-5

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Mantle Minerals' Nick Poll talks to HotCopper on finding gold grades up to 3.57g/t at Mt Berghaus

Mineral Hill transition kicks off for Kingston, gold and silver ramp up to follow

Air New Zealand ditches 2030 emissions targets – right as ASIC's Scope 3 reporting changes kick in for FY25

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