283 replies to this topic

[yusufm]

Over 9 million shares traded at 5 cents today. It's looking like the fair price to buy at

Could've made a quick buck if you did....

[Trader1]

Over 9 million shares traded at 5 cents today. It's looking like the fair price to buy at

Edited by Trader1, 26 June 2014 - 02:58 PM.

[Trader1]

Ok as I predicted, the share price for MRI as almost halved from 10 cents to 6 cents. -40% today

Current Shareholders were screwed by the conversion of debt for a 50% option discount to the current share price.

They should have just offered debtors shares at the current share price.

Management should have also only taken shares at the current share price of 10c. by giving them shares at 5 cents, shareholders are in fact paying them double their agreed upon salary.
 

I think there will be some more decline considering that they had to write down R50 000 000.00 because their water project has no foreseeable future. It was the correct accounting treatment as it does not add any value to the company and therefore can not fall in the line with the definition and recognition criteria of an asset. 

[Trader1]

In summary of the SENs annoucement dated 25/06/14, the amount of shares that are in issue have doubled. However the additional share 312 142 458 shares were issued at 5 cents, 50% less than the current share price. The directors get the same deal 5 cents per share.

Sharenet.co.za also values the NAV of the MRI share at 0.56 cents according to the 2014 Feb results. This can be found on the link below:

 

http://www.sharenet....=ALTX&scode=MRI

 

 

[Trader1]

So here are the results according to the SENs announcement dated 25/06/14
 

UPDATE ON THE CONVERSION OPTIONS AND SPECIFIC ISSUES

 

 

With reference to the SENS announcement published on 8 April

2014 regarding the Conversion Options and Specific Issues, MRI

shareholders (“Shareholders”) are advised that both lenders,

namely AfrAsia Special Opportunities Fund (Pty) Ltd and

Armadale Capital Plc, have elected to convert their debt with

MRI as at 24 June 2014 into equity (the Conversion Options).

Accordingly, 312 142 458 additional new MRI shares were issued

today at 5 cents per share (“Conversion Shares”). The issuing

of the Conversion Shares is a positive development that

strengthens the Company’s balance sheet and improves the

Company’s capital structure.

 

In addition, Shareholders are advised that 13 000 000 new MRI

shares were also issued today to the various directors of MRI

who agreed to settle outstanding payments owing to them in

respect of directors fees and a further 10 000 000 new MRI

shares to MRI’s corporate advisor for services rendered (the

Specific Issues).

 

MRI’s new issued share capital will reflect 833 428 030

ordinary shares.

 

 

25 June 2014

[Trader1]

Does anyone have news about the results of yesterday's shareholders meeting?

Did they vote in favour of granting shares at 5 cents each for the directors and debtors? Current price is 10 cents.

I think that it was going to result in almost doubling the shares in issue.

[Naxy]

As it is now only 2 people are bidding to buy at 2c, you can see what it means about the stock... but things can still turn around who knows

[Goliath]

The highlighted portion shows without a shadow of a doubt you deliberately tried to manipulate the forumers towards this stock. 

 

I honestly believe  sir / madam you are a clown.

 

Share price on 10 May (date of that pump) 19c today 9c 

 

They have also impaired / written off their acid mine drainage equity stake which was the buzz around their IPO

 

AMD now dead in the water Ooops Krusty was that a joke....I'm sure you're not laughing sad thing neither are the people you preached to. 

 

Hopefully nobody bought in on the advice of these guys.. this thing was dead from the start!

[soutie]

Surely, given the potential of this business, this is the best time to invest when the price is at its lowest and where you can maximise your earnings. I am not saying put your house on it, rather a smaller amount in which you could make anything from double to ten times the profit on return.

The briquette business alone will show fast returns once operational, and if AMD contract awarded then this will rocket. They do have the most cost effective and best solution to the problem.

The highlighted portion shows without a shadow of a doubt you deliberately tried to manipulate the forumers towards this stock. 

 

I honestly believe  sir / madam you are a clown.

 

Share price on 10 May (date of that pump) 19c today 9c 

 

They have also impaired / written off their acid mine drainage equity stake which was the buzz around their IPO

 

AMD now dead in the water Ooops Krusty was that a joke....I'm sure you're not laughing sad thing neither are the people you preached to. 

[Goliath]

Look at the trading statement..

[Trader1]

Has everyone sold their shares? Why is this Forum so quite?

Is MRI something that one should still hold?

I found these two articles about MRI:

http://www.iii.co.uk...-growing-losses

 

http://www.miningwee...arch-2014-05-14

[REDDEVON]

Update on Briquettes and Coal Fines.

Attached Files

•  April-update.pdf   12.63KB   14 downloads

[Trader1]

Anybody have any updates on MRI, I see larger quantities than normal bids and offers available.

[Trader1]

That's the gamble though. They are getting rid of debt for shares so debt free they may enhance. Especially if the give us some good figures.

Agreed, it is a gamble. Optimistically there is a high return, but I wouldn't make it the bulk of one's portfolio. 

[REDDEVON]

Trader1, surely when all these shares become active then MRI share price will be closer to 6-7c, better to wait and buy when the shares are converted

That's the gamble though. They are getting rid of debt for shares so debt free they may enhance. Especially if the give us some good figures.

[yellowcake]

Trader1, surely when all these shares become active then MRI share price will be closer to 6-7c, better to wait and buy when the shares are converted

[Trader1]

But long term wise do we see MRI share price moving positive to reward us for our patience?

Hence why we should average down now. I mean if the share price reverts back to IPO price (19c), currently you can buy at 9c or 10c, then you can make double your money back. But the move is not based on any of the companies fundamentals, but on hope in my opinion.

[Naxy]

But long term wise do we see MRI share price moving positive to reward us for our patience?

[Trader1]

Trader1, what will you do of it should go down to 5c?
I would consider punting R5k at that amount.

Agreed Sugafoot. It will average your share price down. But maybe rather put down R10K as transaction costs need to be factored in 

[Sugafoot]

So many shares being issued to directors and lenders at 5 cents.


From Sens announcement:

"It is assumed that in terms of the ASOF Conversion Option,
ASOF will fully convert the loan balance as at 14 July 2014 of
R12 584 899 into 251 697 989 new MRI shares at a price of R0.05
per share."


Furthermore 13000000 shares will be issued to directors at R0.05 for outstanding fees.


Investors shares are being heavily diluted. Sharenet give a current NAV of a MRI share to be R0.08. This will surely drop with the issue of shares at 5 cents.


Looks like we're locked in for the long long run, those who invested at IPO (R0.19)

Trader1, what will you do of it should go down to 5c?
I would consider punting R5k at that amount.