Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Dec 2020debt financing● NeutralMajor
MEC settled the Advent and Asset writs by acknowledging an $872,288 debt, to be converted into equity at $0.0044 per share, subject to shareholder approval. About 124.7M new shares would be issued, with the rest settled through a later rights issue. Advent's stake is stated as 48.2%.
14 Dec 2020material agreement termination● NeutralMajor
Advent will withdraw its request for MEC to distribute its Advent shares to shareholders, conditional on the $872,288 debt settlement being approved. The board judged the PDF complexity, likely ASX re-compliance and lower assets outweighed the benefits. This ends the long-running distribution plan.
27 Nov 2020listing compliance notice● Neutral
MEC asks to extend its suspension to 11 December 2020. MEC and Advent are now reviewing options for the in-specie distribution rather than finalising the notice of meeting, and writ talks are described as progressing.
6 Nov 2020listing compliance notice● Neutral
MEC asks to extend its suspension to 27 November 2020. It still plans to submit the in-specie distribution notice and says talks on the Advent and Asset writs are in progress.
26 Oct 2020other● Neutral
Breeze, BPH, Grandbridge and the other convening holders have withdrawn their notice to call a meeting to remove directors, so no meeting will be held. This ends the board fight that began in August. No shareholder action is needed.
26 Oct 2020listing compliance notice● Neutral
MEC asks to extend its suspension to 6 November 2020. It repeats that the distribution notice is drafted and that writ talks with Advent and Asset continue. It is now signed by David Breeze as Managing Director.
14 Oct 2020annual report● Neutral
The 2020 annual report was lodged about six weeks after the preliminary result. It shows MEC's Advent interest at 49.3%, the new board of Verley, Jones and Marusco, and Moore Australia as auditor. The text provided is truncated, so no further detail is available.
8 Oct 2020listing compliance notice● Neutral
MEC asks to extend its suspension to 23 October 2020. The in-specie distribution notice is drafted but still needs Advent's input, and talks on the Advent and Asset writs continue under the standstill.
7 Oct 2020security holder rights change● Neutral
15,792,200 shares came out of voluntary escrow on 6 October 2020. The shares remain suspended, so they cannot trade yet.
2 Oct 2020material agreement● Neutral
MEC signed a standstill with Advent and Asset Energy so it need not file defences to their writs while the parties negotiate. Both reserve the right to seek summary judgment, and either side must give 21 days' notice to end it. The new board opened this dialogue.
1 Oct 2020listing compliance notice▼ Bad
MEC admits its 2020 annual report is late, which it calls unacceptable, and aims to lodge it within 7 working days. It missed the COVID one-month extension by not requesting it when it lodged its preliminary results on 31 August.
30 Sept 2020admin correction● Neutral
Administrative notice moving the registered office, business and postal addresses to South Perth, with a new phone number. No other substance.
28 Sept 2020admin correction● Neutral
MEC corrected its 23 September board notice, which had been lodged in the wrong version. Bald and Hamilton resigned as directors, Marusco and Jones were appointed, and Bald resigned as secretary. Marusco continued as secretary, and the 16 September suspension notice was retracted. The board became Verley, Jones and Marusco.
23 Sept 2020director officer appointment● NeutralMajor
Directors Bald and Hamilton resigned, and Robert Marusco and Andrew Jones joined. The board is now Verley, Jones and Marusco. Bald also quit as secretary and Marusco was reinstated. The board that fought the requisition is gone, and Jones was a nominee of the dissident holders.
16 Sept 2020director officer appointment▼ Bad
Joint company secretary Robert Marusco was suspended from 14 September 2020 until a date the Board sets, with his position to be reviewed once a number of legal matters are resolved. Andrew Bald, also a director, continued as company secretary.
14 Sept 2020listing compliance notice● Neutral
MEC asks to extend its trading suspension to 29 September 2020. It is still waiting on Advent's information for the notice of meeting and prospectus, and says the board remains committed to the in-specie distribution of its Advent shares.
11 Sept 2020other● Neutral
The 13 August requisition to remove directors has been withdrawn, so the 6 October general meeting is cancelled. The separate notice from BPH, Grandbridge, Breeze and others stays on foot, with Andrew Jones nominated again. No shareholder action is needed.
9 Sept 2020other▼ Bad
Advent has issued a writ in the WA District Court claiming MEC owes $242,155. MEC is getting legal advice and intends to defend. This follows Asset Energy's $593,796 writ of 27 August, so both June demands are now in court.
8 Sept 2020regulatory community update● Neutral
MEC re-releases BPH's note that Advent and partner Bounty plan to use the Baleen well in PEP 11 to also test carbon dioxide storage, citing published research of at least 2 Tcf storage capacity. It adds no new MEC content or result.
8 Sept 2020other▼ BadMajor
BPH, Grandbridge, David Breeze and associates, holding 7.27%, intend to call a meeting to remove current directors and elect Murray, Jones, Breeze and Huston. This is separate from the 11 August requisition; Andrew Jones is nominated in both.
2 Sept 2020admin correction● Neutral
Administrative notice of new business and postal addresses in Sydney and a new phone number and email. Registered office unchanged.
2 Sept 2020director officer appointment● Neutral
Director Stephen Harrison resigns, so he can independently lead MEC's effort to obtain Advent's information for the in-specie distribution. He joined the board only on 31 July 2020.
1 Sept 2020joint venture update▼ BadMajor
MEC says Advent has not answered its requests for information or its mid-August offer of a committee to help prepare the prospectus. MEC remains committed to the in-specie distribution but believes there may be quicker ways to get Advent listed. Signals possible change in approach.
31 Aug 2020annual report▼ Bad
Preliminary results for the year to 30 June 2020: loss of $2.60M, up 94%, with cash of $438K and net assets of $8.39M. The result includes a $1.46M loss from discontinued operations. Asset Energy's writ is disputed.
31 Aug 2020other● Neutral
MEC extends its suspension to 11 September 2020. It still awaits Advent's information for the notice of meeting and prospectus, and says the current board remains committed to the distribution.
27 Aug 2020other▼ BadMajor
Asset Energy has issued a writ in the WA District Court claiming MEC owes $593,796. MEC is taking legal advice and intends to defend. This escalates the June demand notices into court action.
14 Aug 2020regulatory community update● Neutral
MEC links to a BPH release on PEP 11 Baleen geochemical study and restates its 49.4% Advent stake. It adds no content of its own.
14 Aug 2020other● Neutral
MEC extends its suspension to 28 August 2020. It is still awaiting Advent's information for the prospectus, and says the current board remains committed to the in-specie distribution meeting.
13 Aug 2020other▼ BadMajor
Shareholders holding at least 5% requisitioned a general meeting to remove directors Bald, Harrison and Hamilton and appoint Roderick Corps, Andrew Jones and Andrew Coloretti. MEC will convene the meeting. A board fight begins, weeks after the board was reshaped.
11 Aug 2020regulatory community update● Neutral
MEC links to a BPH release on PEP 11 and restates that it holds 49.4% of Advent, its largest shareholder. It adds no content of its own.
