MLX 1.12% 45.0¢ metals x limited

Article in the Australian

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    Your thoughts about this little passage in the Australia newspaper just moments ago:

    Not easy being Lee
    IT’S complicated being jailbird Malaysian tycoon Lee Ming Tee, aka “Gleaming Teeth”.
    For example, how does Lee, who did a year in prison in Hong Kong in 2004 for falsifying company accounts, remember which hat he has on when talking about Metals X and Tanami Gold?
    Metals X yesterday agreed to pay Tanami $11m cash plus $4m worth of scrip for its flagship Central Tanami Project.
    On the Metals X side, 24 per cent of its shares are held by Hong Kong-listed APAC Resources, which boast’s Lee’s son Lee Seng Hui on the board, through broker Sung Hung Kai, which is also associated with Lee.
    And on the Tanami side, it is 32 per cent-owned by Allied Properties Resources, which belongs to the Lee family, and another 13 per cent is held by a Sun Hung Kai client.
    Lee Seng Hui was also on the board until November 2013.
    None of this was disclosed to the market yesterday, but Tanami chairman Gerard McMahon said it was all above board.
    “This is a perfectly legitimate transaction and if there was any conflict of interest it would have been disclosed to shareholders,” he said.
    “We get $11m cash upfront plus $4m in Metal X shares, and then Metal X spends lots of money bringing (the mine) up to speed, which is likely to cost tens of millions.”
    He said the company would probably use the cash to retire its $11m in debt ... owed to Lee family’s Brunei-based Sun Hung Kai International Bank. Of course.
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