As a long term holder I've made the tough decision to get out while I still can.
I sold out the day before this announcement and I'm happy I did now after reading it.
I hope a superior offer emerges for remaining loyal holders but it isn't looking likely to happen but who knows.
$325 million sale, but expected to be approximately $217 million net proceeds. How much are they going to distribute to shareholders after residual liabilities and expected wind down costs?
What happens in the 6 months it is expected to take before shareholders have the opportunity to consider and vote on any distribution? Hopefully not some long drawn out trading halt.
They are covering all bases with this announcement, maybe even reinvesting in the natural resources sector. Back to being an explorer which means possible cap raisings and dilution. Why not just sell their share of OPR and keep Jack hills with its massive jorc?
They will possibly keep their jobs as long as possible while the net proceeds pay their salaries etc while they look for compelling investment opportunities.
Remember small shareholders come last. Risk versus Reward. I sincerely hope holders that stay till the end do very well.
DYOR and Good luck to all for the future.
PS can someone tell me what an arbo is?
MMX Price at posting:
43.5¢ Sentiment: Sell Disclosure: Not Held
