The MGA money will come when it comes, but it's frustrating for all of us that it's taking so long but it appears you can't hurry the administrators. They're dotting the i's crossing the t's etc. Of course MGA could be released tomorrow, next week or in May, we don't know when but that's good enough for me.
I would select the line from the 1st paragraph:
"Once MGA has been released from administration, it is expected that MGA will seek and acquire, if possible, a suitable late stage development opportunity or profitable producing asset in Australia so as to take advantage of these tax losses."
As an investor, that's key to me. I'm not expecting the tax losses to be available for Themac etc, I don't think any of us are. To be used in Australia I believe.
Using the terms "may" and "should" is clearly pointing us in the direction of what the BoD are aiming to achieve, and personally I don't see why they won't. I'm sure there's things they can't tell us yet that are going on in the background and this last RNS gives me confidence that something good is coming. Not sure what will be 1st though.
"The report of the Administrators to creditors is expected to be available this month, and the assignment of the Claim and the complete effectuation of the DOCA are expected to occur by early November 2013; at that point MGA will be considered to have been completely released from administration"
Now if you were getting dividends from ECR shares it might be worth keeping them whilst waiting for this news but you can't blame people for selling and putting their money somewhere it can grow whilst keeping an eye on ECR for signs of life / news.
and there#s this "MGA’s Secured Financier engaged Ferrier Hodgson to conduct a comprehensive financial review of the company’s operations and cash flow forecasts. Our review, inter alia, found that a three month plant shutdown was scheduled, gold still to be supplied under forward gold sales contracts, mining and milling costs were rising and the forecasted net cash outflows were unlikely to be funded by alternate financier’s or the parent UK entity (which had already injected AUD89 million)." from http://www.ferrierhodgson.com/au/publications/specialisation-case-studies/mining/mercator-gold-australia-pty-ltd
Honador, dean says they don't exist, so as a top level poster who cares for everyone he will already have a process going against the company for stating tax losses do exist and currently stand at circa.... Please let us know dean how the case progresses. Glad to have you watching our backs.
Before posters used to think ECR was a takeover target, I disagreed at the time, but as we are still pretty much a developing shell, now may not be a bad time for a savvy buyer to temp an offer for all or part of the company. Not suggesting this will happen, but I think right now, is a more likely time. Could the new found spread be related to background discussions holding the price slightly lower then what can be considered the base rate the company tried to set last year? Where do the take over standees of last summer see that situation today? Today, although I don't think it's yet likely, I think now we are closing in on a potential early offer. Could this be the surprise?
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.