GREY:MAAFF - Post by User
Post by
cjsellon Nov 30, 2009 12:06am
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Post# 16534987
Losing face or was it faith?
Losing face or was it faith?MagIndustries Corp. (“MagIndustries” or the “Company”) (TSX:MAA) reports that Sinohydro Corporation Limited ("Sinohydro" or the "Subscriber"), the counterparty to the Memorandum of Understanding (the "MOU") signed and disclosed on June 12, 2009, has requested an extension of the MOU to November 30, 2009.
In a letter received by the Company on October 28, 2009, Mr. Du Nan, Deputy Manager Director of Sinohydro Corporation Limited, requested the extension to allow completion of Sinohydro’s evaluation and decision process. Mr. Du Nan commended MagIndustries for its “positive understanding” of the complexities of Sinohydro’s processes and its cooperation to date in providing all requested information.
It's PUT or SHUT UP Mr Du and the Burton's. Sino has not left any room, they asked for 30 days (ya 3 times already) for completion of their processes. No wiggle room anymore. No news on Friday.
I personally do not believe the deal will get done between MAA and SINO. However I do believe there is another partner in the wings. This project is too important and to far along to get stopped for long. The current MAA management is incompetent. They have done nothing but dilute the stock and give themselves options out the wazooooo. Sino revenues were 9 billion in 2008, this deal is petty cash to them. I do not think they want the potash, they want the hyrdo deals that MAA has under contract.
We shall see tomorrow.
CJ