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Well it seems that the penny has finally dropped.John Barr and his smoke and mirrors show is now drinking in the last chance saloon. Due to his lack of vision and due diligence over the course of a number of years and his use of Death spiral finance costing shareholder's millions of £££'s he's spotted an opportunity to save his over inflated personal persona, but unfortunately again at shareholder's expence should he seek and convince current shareholder's of the benefits of this proposal. I would think very carefully about giving away an asset currently 100% owned although currently undervalued by the market presently, or history could well repeat itself.
I agree, this can be a consequence of Death Spiral Financing, badly structured convertible financing via preferred stock and Warrants, causing the stock value to drop greatly and ultimately lead to the company's unability to access funding and eventual downfall.
The real crux of the matter here is going by John Barr performance to date, he is not a fit and proper person to take the only real asset in the MSMN portfolio forward for the benefit of existing shareholder's.
Interesting comments, I personally believe that Kerogen/PRG where the previous bondholders, and are now in fact running the show and controlling from a distance all the current players. This would explain CA/Saba sudden change of direction/policy, current purchase in the market of private investor stock and Prax Group's involvement with our current BOD's.
Dr Trice needs to grow a pair and confirm if he has signed a NDA or not! He certainly needs to fully clarify his position in this regard.
This is just tactical, the BOD realise that this vote is sitting on a knife edge and a no vote means a Go Vote before there pushed, genuine Private Investors need to hold their nerve!
MORROW SODALI Ltd Registration Number 05934575. Check them out, not the sort of Company you want to be in Communication with! This just sum's up how desperate our current BOD's are to get this deal over the line.
That's why we need independent verification of the voting procedure!
What I'm currently concerned about is the 'Going Concern' aspect in respect of the company's forward ability to obtain funding based on the present BOD's financial performance and care of shareholder's funds to date!!!
Time for MSMN shareholder's to take legal action to protect it's Australian asset's and stop a BOD proposal for a Seperate stock market Listing of Trident and/or Oil Co resulting in current shareholder total wipe out?
I personally think an initial discussion with the Longboat team could be beneficial.
That's exactly my point a shareholder's No Vote should be linked to a prerequisite for BOD removal.