MMX is still in clean up mode. Until it has cleaned up the Mitsubishi transaction (Feb 13) and the two outstanding claims (which it now has) there was no chance that anyone would enter into discussion re back door listing.
I suspect that the current board is only looking after themselves to ensure they max out their payouts and not looking forward.
The cost of IPO is significant so there is a saving in a back door listing. Cashmere has spent significantly in 2012 (well over $1m) in preparing itself for IPO and hasnt progressed. I suppose the option is not to repeat that spend by back door listng through a shell like MMX will be.
Only goes to show what the board is like. I wouldnt trust them as far i could throw them. They are only rasing it now to try and fend off Sir Ron but I'm geussing Sir Ron wants to make money and that's why he's forcing the board changes, where as teh current board is only protecting their self interest!
MMX Price at posting:
4.0¢ Sentiment: Hold Disclosure: Held
