Trinadad is dead, so what is the future?The Tony Sage camp have...

Trinadad is dead, so what is the future?

The Tony Sage camp have taken control it seems. As the largest shareholder he has injected further funds and had a representative put on the board. Jon R has resigned or asked to leave, and today's announcement indicates more changes to come.

It would appear that MHL will be use MHL as a vehicle to possibly house a new project(s) with the Sage team in control. Unfortunately the Cooper basin is still under water and could be for some time, so extracting any value here will only come from something new.

Its a pity that Tony Sage wasn't able to influence the cap raising for Trinadad in a positive way, or maybe he did!?

Looks like brokers have been spoken to ensure a cap raising will raise the required funds through underwriting the upcoming rights issue. Many shares will not be taken up by exisiting shareholders at .2 or any price and this will give certain parties the opportunity to buy cheap stock and further cement their control. A consolidation is probably likely to follow given we now have 4.35bn shares on issue plus whatever the rights offer.

Interesting times ahead that's for sure. But with TS willing to be involved further suggests that its not over for MHL, far from it! It may even represent a buy here at current levels.