KI Update

Despite saying in the Dec 16 quarterly activity report it expects to conclude its evaluation work on KI by the end of the March quarter no update has been forthcoming from management.

Another typical poor performance. Seriously its no wonder this stock continues to trade below cash backing.

It's bad enough the mine collapsed in the first place, but to then take so long to get its act together and even then not meet its own imposed deadline just goes to show how pathetic management are.

On top of that the company hasn't done any capital mangement or M&A which given the amount of cash it has is a disgrace.

Furthermore, is the information on submissions to the Commonwealth department of environment public knowledge. The reason I ask is that the AFR ran an article earlier in year, before the quarterly, saying that MGX had made a submission to the aforesaid department . From memory the AFR stated Macquarie was the source.

So the question is why did the AFR and Mac Bank know about this before the shareholders? Is this a leaky ship? I find it hard to believe that AFR or Mac Bank staff spend their time perusing the Dept of Environment database.

I've always found it very strange that a company trading below cash, with substantial franking credits, pending insurance payouts, a small but profitable operating mine (mid west operations) and a potentially larger profitable mine (KI) has had such large shorting against it - I mean what do the stock lenders/shorters know that we don't.

It's not enough that the amount of shorts are disclosed by ASIC, it should be by counterparty so that we can see WHO is doing the shorting in order to determine if a conflict of interest is occurring. Not saying it is happening with MGX, just an overall observation.

Would be also interested to know if these guys are looking at Rio's coal assets that Rio are trying to offload.

About time for an update and a decision on KI, capital management and M&A.

GLTA/IMHO