Australia's largest stock trading and investment forum Australia's #1 stock forum

MBN

Click for more information

0.00%

8.3¢ mirabela nickel limited

All over done and dusted, page-597

First 597 Last

Share
Profile

Follow
AlCp

3,836 Posts.

218

10/06/18

12:08

Post #: 33622153
Share

Originally posted by mattyedw ↑

We spoke to Richard Tucker on Friday......

Sale process has NO renegotiation clauses.....It is being sold for what was agreed 12 months ago...It doesnt matter if the NI price goes to $10 or tanks to $3...Price is agreed and cannot be changed.

Completion time lines of the sale"expecting full closure of sale by the end of July"

We can expect zero payout as the creditors when paid will leave NOTHING.

The above is actually what is happening and this will not relist.....

IMHO we have all been shafted, but proving it in this intertwined complex dealings is both impossible and in the too hard basket for anyone.
It seems when you look at this closely that their plan was executed to the last detail..

They do a DOCA and put in all directors(their very own puppets), they knew the NI price was going to tank(had a different plan if NI rises?), they sell 20% of their holdings and brings there capital down to in the end $110m, they refuse funding to get them through the tough times and forces Directors(their puppets) to go into VA, by going into VA brings into play the default clause where all debt becomes immediately recoverable(there was also a $60m recoverable owing on the books, dont know too much about this)
So in total, the main secured creditors out of pocket expenses were $110(after they sold down) with debt to be paid in full would mean they are due Around $310......

Now can people see why they have been clever/deceitful?

They push a DOCA through that was either going to win them big,big money if the price of NI went through the roof or they were going to earn big money if it failed.....
So the price of NI didn't really matter to them as they had planned for both foresight's and decided to cash in.....

They were expecting a quick sale but in reality they had 5 yrs to complete the sale in timelines with the DOCA, so they will make around $200m in around 3-3 1/2 yrs for a failed prospect.........Now that is what you call good business, making 200m on a failed investment.....

The only failed investment for them is not holding on and gambling on NI recovering to earn 5 x that, but then again these types of funds dont gamble if they can make $200m then they will take it and so they have and in this process it means everyone else gets shafted...

Their timing to everyone else was bad, especially to us holders but to them they simply just could not lose...

We can expect nothing, we will get nothing and their is NO white knight re-listings on its way....
Reality is hard and doing due diligence on this after its hurt my pocket makes me even more frustrated that all along we were sitting ducks just waiting to be shot and theres nothing anyone can do.......Hurting even more on the "what ifs" if we were still listed......

All the best

Matt

Expand

You said the substantial share holders sold, they did sell some of their holdings (and this was below their "break-even" price) but not enough to bring them down their substantial share holding (as there was no ASX disclosure) so I am not sure what you are saying about this is correct, hence, they are only making back the $115M USD and interest but made a big lost after swapping the $455M USD debt for shares.

Last edited by AlCp: 10/06/18

MBN Price at posting: 8.3¢ Sentiment: Hold Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

AXP

Tambourah chases gold veins and mineralisation extension with drilling

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

MIN

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

WC8

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

ACW

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

There are more pages in this discussion • 346 more messages in this thread...

First 597 Last

Add MBN (ASX) to my watchlist

SPONSORED BY