Timee, the Preliminary report has two conflicting messages....

Timee, the Preliminary report has two conflicting messages.

http://hotcopper.com.au/announcements.asp?id=590291

This:

"The sharp fall in the AUD in June 2013, resulting in a
significant ($4.3million) loss on foreign exchange and hedging contracts."

Then, on the next page, this:

"...relief provided by the lower AUD will result in significantly improved future earnings."
______________

The market could be confused as to whether the AUD being lower or higher will be of benefit to MCE. Whatever it is, MCE still has an NTA of $1.17, and debt of $18.4m (and falling). Not a bad position to be in, really. Private equity could turn this around, chop the fat/corporate expenses, and make a hefty profit if they ever decided to take this one over.