re: Ann: First Tranche of Placement Funds Rec... MDX should've...

re: Ann: First Tranche of Placement Funds Rec... MDX should've went with the $115m Sumitomo deal a few months ago imo. Instead Tsang gets rid of Bromley and the deal, then starts raising capital at low prices to associates.

The sp was around 18c prior to Tsang upsetting the process. MDX had $3.4m in cash and another million coming from Sumitomo for free. So over $4m in the kitty. Now 7 months later after issuing a total of 37m shares to friends, MDX will have around the same amount in the bank, 18% dilution and no deal on the table to develop the iron ore.

Tsang and friends will own a larger portion of MDX which they get at 8.5c, which they can rightly claim as being raised at higher than the sp of the time. What they don't say is under Bromley $1.75m was raised just before his ousting at 10c which was the lowest previous price, then the Sumitomo deal was announced and the sp started to rise again, hitting 18c before Tsang put a stop to it.

Its time for Tsang and his board to show how he has improved prospects for all shareholders, not just himself and his mates. 30% of a developed project is better than owning 100% of an undeveloped project, especially when holders are being diluted out of it along the way.

A quote from Tsang on 27/4/2012 after Bromley was forced out along with another Director:

"I am very pleased to come to a resolution as a united Board, and look forward to further discussions with Sumitomo and other interested parties to negotiate the best outcome for all Mindax shareholders."

Still waiting on the best outcome for ALL Mindax shareholders.

All just my opinion. Feel free to offer a contrary view to the above if you see things differently