283 replies to this topic

[yellowcake]

wait to hear the flushing sound as this goes down the toilet

[Trader1]

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)

[Naxy]

Further to the Cautionary Announcement and this announcement,

shareholders need no longer exercise caution when trading in MRI

securities with regard to the Restatement. Notwithstanding this,

further to the detailed cautionary announcement published on

21 February 2014 regarding the conversion of debt, shareholders

should continue to exercise caution when dealing in MRI securities

until a further announcement in this regard is made.

[REDDEVON]

Hi Trader.

MRI are processing coal fines and selling them to Keaton Energy so yes MRI are generating income and that is upwards and the fact MRI put a cautionary note on the dealing of their shares  in a SENS on the 20th March while they do their accounts and this is now  lifted is very much onwards.

Regards

RED.

[Trader1]

WITHDRAW OF CAUTIONARY AFTER WITH REGARD TO RESTATEMENT AND RENUAL OF CAUTIONARY ANNOUNCEMENT WITH REGARD TO ANNOUCEMENT OF DEBT.

 

SENS OUT

 

Onwards and Upwards.

REDDEVON How is the sens message meant to mean onwards and upwards? Theres still no mention of any cash coming through....

[REDDEVON]

WITHDRAW OF CAUTIONARY AFTER WITH REGARD TO RESTATEMENT AND RENUAL OF CAUTIONARY ANNOUNCEMENT WITH REGARD TO ANNOUCEMENT OF DEBT.

 

SENS OUT

 

Onwards and Upwards.

[yellowcake]

Griffin, I suspect not as we are not under the Keaton umbrella, however, if Keaton are "assisting" MRI then surely all that means is more indebtedness and longer for MRI to return a profit.

 

 

On a different note, it's astonishing MRI have got the figures, of the deal that basically created the company, wrong and for so long without anyone noticing.

 

Worrying to be subject to JSE investigation.

[Griffin]

Johannesburg - The annual financial statements of Mine Restoration Investments [JSE:MRI] have been selected for review by the JSE.

Several queries from the JSE have arisen from this process, which the company has investigated in full.

The directors wish to inform shareholders that the provisional result of this investigation is that the 2013 AFS and the interim results for the period ended August 31 2013 are misstated.

This may be material in amount and nature.

The subject of the error is the accounting and disclosures for the reverse acquisition of MRI by Western Utilities Corporation.

The line items of the 2013 AFS and the August 2013 interims that are expected to be restated, which is subject to change, is as follows: Other Income; - Goodwill; - Stated Capital; - Reverse Acquisition Reserve; and - Retained Earnings.

Consequently, further to the detailed cautionary announcement dated February 21 2014, regarding the conversion of debt, the company wishes to advise shareholders to also exercise caution when dealing in MRI's securities until further details regarding the restatement is made.

I wonder if Keaton is providing financial assistance to MRI?

[Sugafoot]

Johannesburg - The annual financial statements of Mine Restoration Investments [JSE:MRI] have been selected for review by the JSE.

Several queries from the JSE have arisen from this process, which the company has investigated in full.

The directors wish to inform shareholders that the provisional result of this investigation is that the 2013 AFS and the interim results for the period ended August 31 2013 are misstated.

This may be material in amount and nature.

The subject of the error is the accounting and disclosures for the reverse acquisition of MRI by Western Utilities Corporation.

The line items of the 2013 AFS and the August 2013 interims that are expected to be restated, which is subject to change, is as follows: Other Income; - Goodwill; - Stated Capital; - Reverse Acquisition Reserve; and - Retained Earnings.

Consequently, further to the detailed cautionary announcement dated February 21 2014, regarding the conversion of debt, the company wishes to advise shareholders to also exercise caution when dealing in MRI's securities until further details regarding the restatement is made.

[Sugafoot]

Saw a ticker tape on BDTV saying MRI has come out saying they MIGHT have mis-stated their most recent results (I think it's interims)

Anyone know anything of this? Does the correction then make the numbers look even prettier?

[Naxy]

I am owning a few of MRI shares, I guess being patient will not hurt

[Mokhachane]

Mine Restoration Production Update, off take and completion of financing

http://www.brrmedia....13/justin-lewis-non-executive-director

 

Tomorrow

9 am UK Time 

11 am SA Time

Could have a SENS tomorrow from MRI followed by RNS from ACP?

Thanks REDDEVON! The clip pretty much explains whats in the pipeline - great prospect. I guess we wait and see

[Mokhachane]

I followed that link but it was shaky from my mobile...
What's the crux of the whole recording? Does he clarify what's happening and what to expect?

[REDDEVON]

Mine Restoration Production Update, off take and completion of financing

http://www.brrmedia....13/justin-lewis-non-executive-director

 

Tomorrow

9 am UK Time 

11 am SA Time

Could have a SENS tomorrow from MRI followed by RNS from ACP?

 

 

 

 

 

[yellowcake]

peanuts, even if they don't, it would appear Justin Lewis has let the cat right out of the bag.

[peanuts]

the larger shareholders have a right to know ? correct ?

[yellowcake]

Peanuts,

 

Justin Lewis sits on both BOD's, plus ACP as largest shareholder I guess have right to know

[peanuts]

go read emails posted below

[yellowcake]

Peanuts, how does ACP know about what?

[yellowcake]

Krusty absolutely agreed they are selling

 

as you say it's the lack of news flow that is worrying me

 

they could be selling R500 worth at a 95% profit but that doesn't mean it would be enough to make MRI cash positive.