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Questions have been raised over how Murchison Metals Limited (ASX:MMX) plans to divide the proceeds from the $325 million sale of its stakes in the Oakajee port and rail project and Jack Hills iron ore projects.
Hedge funds are believed to be calling for a payout to shareholders, a request that is understood to be opposed by the company’s largest investors who instead want the money to go into new projects.
Murchison agreed to the sale at the end of last year and the deal will be put to a shareholder vote on February 13, 2012.
Earlier this week independent expert KPMG reported Murchison is in an extremely vulnerable position, both operationally and financially.
KPMG says the deal is in the best interests of Murchison shareholders in the absence of a superior offer.
In the 2011 financial year Murchison reported a net loss of $16.5 million.
