Mart Resources Inc MAUXF

MMT IN ENERGY SUMMARY AGAIN

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Wade Cherwayko's Mart Resources Inc. (MMT) lost eight cents to 51 cents on 905,500 shares, after obliging its suitor with yet another deadline extension on its supposed 80-cent-a-share takeover bid. The bid is nearly five months old now. Mart received it in early March from a Nigerian joint venturer, Midwestern Oil, subject to Midwestern being able to raise enough money by June 15. Investors were immediately skeptical. They were right to be, for Midwestern could not raise any money by June 15 -- although this did not stop Mart from holding a special meeting that day for shareholders to approve the takeover, which they did. The financing deadline was pushed back to July 26. This morning, Mart extended the deadline again, to Aug 374603. 19. It added that it had received a financing update from Midwestern and was "satisfied that [the extension] was appropriate and in the best interests of Mart." Shareholders have their doubts. The stock, which has not traded anywhere near 80 cents or even crossed 70 cents since the offer was announced, is now at 51 cents, below the 57-cent level it was at just before the offer was made. One buyer (or its clients) may still believe in the deal. Morgan Stanley acquired 377,500 shares today and sold none. Since the beginning of the month, it has acquired nearly 4.7 million shares and sold none, making it by far the largest buyer. In second place is RBC Capital Markets, which has acquired just 174,600 net shares this month.