You are correct. PEP-11 approval is not a pre-condition of MMR being re-instated on the ASX.
Conventional thinking was that with approval a CR for MMR would have seen a stampede, even raising at a higher price.
The proposed CR, which is a pre-condition of listng is being done at a higher price to previous CR. .005 cents per share and only one option for 2 shares.
I fully expect that the rights issue will be fully suscribed, if not instos and sophs will take up the rest.
Wooooo Hooooo Go BPH :)$$$$$$, page-31445
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