The biggest complaint I have is their lack of urgency or ability...

The biggest complaint I have is their lack of urgency or ability to seize the moment.

When we came out of the Trinidad trading halt we we 0.4/0.5c with decent volume going through at 0.5c

But it dragged on. Shareprice drifted lower and the likelyhood of success went with it. Also they did very little to pump the sp or to hold it up while shopping a placement around.

Next the sp fell to 0.3/0.4c with most the volume at 0.3c, at this point the do a placement to Sage. Fair enough. Trinidad had failed. Cash was zero. Quick, easy, short term solution.

They then announce existing holders will get the opportunity to participate in a rights issue on the same terms as Sage, ie 0.2c

Again, thats all good.

It coincides with an announcement they are on am acquisition trial. Great. Should help underpin the 0.2c rights issue. Still all good.

Then...nothing. No acquisition. No rights issue. No updates. No pump and no support for sp.

Now we're at 0.2/0.3c and we've gone from most volume being 0.3c to suddenly peoply are willing to wait until 0.2c is hit.

Bit late for that 0.2c rights issue now. That ship is sailing fast.

Obviously the acquisition, when it comes could reverse this trend and prop the sp enough for the rights issue. But would have been better to lock the raising in and not let cash get low. Raise on their terms and not out of desperation.

With minority interests the news flow isn't entirely MHLs fault. RIA seem to make reasonably frequent updates. They just arent enough to re-rate MHL.

And Fury we all know has been stalled indefinately. Again not exactly MHLs fault. The floods have affected many.

But it shows what kind of asset MHL needs to be looking for. We need a big enough slice to possibly re-rate MHL if its a success. We want political stability and a region largely unaffected by weather.

We probably dont want operational control. MHL haven't demonstrated an ability to finish anything that they have started. So better place operational control with our JV partners. Minority share only for us.

If we continue like this for another month, then 0.2c will fail IMO. It will get to a point that you can buy as many at 0.2c as you want onmarket. This will really lower the uptake of any rights issue.