MOD in London, page-13

Sorry Mossberg I can't help with that.

Crazy prices at present for MOD ... there is an absolute buyers strike.

A total of $37k on the buy side. The definition of unloved.

Whilst I have always been comfortable staying the journey here, it shows how easy it is to get 'stuck' in an illiquid junior when sentiment turns.

In my opinion this is, in part, due to the signals from the Board that they want to proceed with financing T3 in this market ... why would people step up now and buy on-market when the the Board has signalled the need for a large equity raise soon?

I do get it that they are in a tough situation - damned if they do, damned if they don't. Even more reason, IMO, to slip the development decision into neutral after the DFS and prudently eek out the working capital, trying to firm up a lot more R&R to try and get some life back into MOD before embarking on what would be a highly dilutive CR at cycle/ company lows.

Cheers
John