Having said that, and that is my gut feeling. However, MMG are shrewed, cunning, not to be trusted snakes in the grass and IMO, could be looking to smoke us out and still have the option to run up to 51% by Dec 2019 so long as they have met the Dec 2016 committment and I bet that by any expenditure analysis, they have probably met that expenditure.
The lack of reporting on the JV is an issue that needs to be addressed and soon.
SEG management should be open and accountable about the JV progress if they want shareholders to respect the integrity of SEGs business and its board and its CEO.
M1
SEG Strange volumes, page-59
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