MRV 0.00% 0.3¢ moreton resources ltd

Heres the thing, I've been watching the new debater aje and his...

  1. 1,848 Posts.
    Heres the thing, I've been watching the new debater aje and his posts, actually been in touch with him, and hoping to continue to do so, to work out what's really going on here. So as such I haven't voted for anyone yet! and probably won't for quite a while. Remember fellow posters that once cast, withdrawing your vote is difficult nie impossible.

    Some thoughts about consequences are needed. To my mind there are two possible outcomes to the AGM. A yes or no vote. If yes, we pretty much understand the terms of the deal, as it's described in the meeting documentation. No break fee is paid, whatever it's value, and we inherit a cornerstone investor.

    Clearly much can be said about the value of the deal, but to be fair, the discounts given to recent fund raisings make the new price, 0.0017, seem not so much out of step with the VWAT of 0.022. Clearly also, looking back at outcomes since the deal was done show potential fines were not at the top end of what they could have been either. Now, I'm not here to defend or attack this! or the next position. Other posters can do that, and in May join in if appropriate.

    My concern, atm, is with a no vote. Having been a public company director, it could well be that "anyone" in charge of the company, existing directors or a company secretary, faced with the then financial position, could genuinely decide that the only possible path is straight into administration. Now I appreciate this might seem extreme, and is certainly a position that would hit me very very hard. However, given that the rules governing financial viability are very stringent, and any default liability falls squarely on a company director (real or self appointed), anyone faced with such a decision HAS to act cautiously.

    I'm genuinely not in the business of offering advice, and as aje says in some of his posts, we need to "watch this space" over the coming days, but ALL shareholders need to be concerned with ALL possible consequences before lodging their vote.

    As the posting nic implies, I'm looking for more facts before casting mine, and I'd strongly suggest most should keep their powder dry for the time being, what ever their gut or hunch tells them.

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