MGX 0.00% 91.0¢ mount gibson iron limited

mgx ann - quite expected

  1. 708 Posts.
    I expected that there would be problems with this share placement for two reasons:

    Firstly, because of the price that the placement was to go through - much above the current share price.

    And secondly, this "Grandier family" did not appear convincing, twice asking for extensions, part placements etc...

    In the end the market got it 100% spot on (as it usually does) by being sceptical.

    The company failed to raise the cash and now it will dilute shareholder equity with what I see is poor planning really. In the end I think MGX did not get any real Institutional support. And going foward, I fail to see how they are going to get their support.

    So, MGX is a sell.
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