RE: Macmin Deed Administrator's Update - July 31/0The latest update indicates the following details regarding Macmin holding multi-millions of NGG shares and the Macmin bankruptcy:
Macmin and a syndicate has submitted a recapitalization plan.
Creditors vote Aug 6th on plan approval
NGG shares are EXCLUDED from the plan, to be transferred to the Creditors trust.
https://www.macmin.com.au/announcements/2009/Macmin%20Update%2031%20July%202009.pdf
I am VERY concerned for NGG shareholders as the Creditors Trust will most likely liquidate these shares to raise capital for settlement. The sale of 10 million shares onto the market will have catastrophic affects on NGG share value. NGG shares will have little chance of appreciation until these 10 million sares are sold. Creditors sales of 100K/day would indicate that we have 100 days of dumping ahead.
It is apparent that McNeil and syndicate could not/would not commit an addition $2 million to the deal to ensure that these shares were INCLUDED, rather than EXCLUDED. At least they have their salary.
Now we know exactly why Peter McNeil was selling NGG shares.