moving along in png... , page-31

Hi Polski,

Actually I'm in Melbourne but I'm not committed enough yet to go to their next general meeting. Once I've done enough research I will however give them a call.

I do like the fact that the directors have a decent holding in the company.

Two initial concerns for me:

1. They are presented with a great opportunity, it's just whether they can pull it off.

2. The recent dumping and how long will it last. Since the issue of the placement shares volume has been approx 190m to date. So even if half of this volume is profit takers from the placement we could still have a long way to go until they've finished. What's more concerning is the level that they are dumping at. 0.3c is less than 10% return. These sophisticated investors never participate unless they achive at least 25% on the issue price IMHO. Given this it may just be one of the top 50 holders needing to exit for various reasons unrelated to MCL. After all there are 2.25b shares on issue so any of those top 50 would hold a decent parcel IMHO.

Cheers,

Arkie