I disagree wholeheartedly to your comment stumpy the company have known since 19th October they had an issue on hand with the funder - they should of immediately sought refinance from this point in time it appears as though they sat on their hands until the termination notice was forced on the 23rd November.
The fact remains the company have made an absolute meal of the refinance
a) getting into bed with KBC in the first place look at their MO
b) not advising market of the default notice issued by KBC on the 19th October
c)not advising the markets they were formally put into default on the 9th November however were working with KBC on a resolution.
d) in light of what KBC did on the 19th October issuing a default notice how has a refinance not been arranged some 16 weeks later.
And the company feel no need to update the market with the latest article. Its like the brains trust have not looked at the SP and thought what could we do to assist the current information vacuum perhaps putting out a simple factual announcement to refute the allegations.
MEL Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
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