The IOF fiasco cannot have helped sentiment about MOF either.
Its ridiculous that Macquarie are still quoting a pro-forma balance sheet with NTA post-issue of 57c a share.
This MOF claimed to have net assets of about $3 billion at their last accounts. So if those accounts are not entirely bogus, why are they selling 55% of the business for less than $500m ??? Clearly the business was NOT worth $ 3 bn!
