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ELK MEL

oil slumps to $44.20, page-11

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buddy134

23,467 Posts.

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20/01/15

10:40

Post #: 14608806
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Originally posted by jake0002 ↑

On a number of occasions I have posted a list of issues as to why any move of its operations, and the use of its limited funds, into a jurisdiction outside of Aust, is of sufficient and material change such that the s/h of MEL should get the opportunity to VOTE on the change, and to get an IER addressed to MEL s/h, to provide an independent opinion as to whether the transaction is in the best interests of MEL s/h.

One of the reasons I proffered, was that the move outside Aust involved MEL being opened up to a plethora of new risks.

One of those risks I identified was the legal system in USA.
One of the Aust companies I identified as having moved its cash and operations to the USA and Canada, and FAILING, was Molopo.

Have a read of the MPO ASX announcement just out.
MPO spent $M on buying O&G shale assets in USA and Canada, spent $M developing those wells, then sold them a loss, and is now trying to return the cash to s/h.
MPO is now being sued by its J/V partners, and now advises that it will not be able to return the cash to s/h until it has finalised the litigation.
Everyone is sueing everyone (as one does in USA)
Bargainhunters have already moved in and tied up the MPO register, but of course now all s/h are stymied until the litigation is resolved.

http://www.asx.com.au/asxpdf/20150119/pdf/42w1sst4nzpstx.pdf

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So true jake. SO TRUE.!!

Unfortunately, for the shareholders, it is.

After having lost what could be defined by some as a fortune, these very people are now tied up into more litigations that could last for many years and where the Lawyers will be the only ones winning out of it all.

We all know what litigation is all about in the Us of A. They are real specialist at it.!!!

ELK Price at posting: 3.0¢ Sentiment: None Disclosure: Not Held

MEL Price at posting: 3.9¢ Sentiment: None Disclosure: Held
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