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6.9¢ moly mines limited

Ann: 31 December 2016 Annual Financial Report, page-3

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JACK

10,075 Posts.

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10/04/17

18:43

Post #: 23983083
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Originally posted by red-frog ↑

22days until MOL is delisted.
It's a pity that the directors will still keep ripping funds out of the company with even less scrutiny once they no longer need to report to shareholders to ASX standards.
They still keep paying interest on the Hanglong loan which has never been needed.
Looks like they paid out around $976k interest on the $14m for the year and received $423k for their $50m plus the $14m of borrowed money.
How can they say they are working for shareholders when this has been going on year after year?
I fear what will happen to the rest of the cash once they are no longer answerable to the ASX.
We had around $64m cash not including the Hanlong loan 3 years ago and now we have $49m. The interest on the loan has blown the amount owed out to $14.2m from $11.5m 3 years ago. It still has another 3 years to run so it will be around $17m by then.
Easy money in a time of historic low interest rates.
ASIC won't allow MOL to relist whilst Hanlong control the company, but I don't think the directors will be losing too much sleep.

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Karma can be a bitch, may all those involved in bleeding this company dry get it in spades.

MOL Price at posting: 6.9¢ Sentiment: None Disclosure: Held
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