Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
6 Aug 2020director officer appointment● Neutral
Director interest notices: Hamilton and Harrison each hold nil MEC securities on appointment on 31 July 2020. Michael Sandy's final notice shows 8.8M shares at his departure.
3 Aug 2020director officer appointment● NeutralMajor
Stephen Harrison and Anthony Hamilton join the board as non-executive directors from 31 July 2020. Chairman Michael Sandy resigns to focus on Melbana Energy. A new chairman is to be appointed.
3 Aug 2020other● Neutral
MEC extends its suspension to 14 August 2020. It still awaits Advent's information and now targets the in-specie distribution meeting around early September, a further slip from late August.
31 July 2020quarterly activities report● Neutral
June 2020 quarter: operating outflow was $24K and investing inflow $165K, lifting cash to $438K from $249K. The report gives about 3.4 quarters of funding. No new capital was raised in the quarter.
20 July 2020security holder rights change● Neutral
1,111,110 unlisted $0.04 options expired on 17 July 2020. MEC's share count stays at 684,451,176.
20 July 2020other● Neutral
MEC extends its suspension to 31 July 2020. It still awaits Advent's information and now targets the in-specie distribution meeting around late August, assuming information arrives soon. It says it continues to consult ASX.
3 July 2020other● Neutral
MEC extends its suspension to 17 July 2020. It is still awaiting Advent's information and now targets a shareholder meeting on the in-specie distribution in mid to late August.
25 June 2020other● NeutralMajor
MEC denies the Advent and Asset demands and says it will oppose any legal proceedings. It argues it was the ultimate source of the funds and may set the amounts off against its Advent loans, which were $3.92M net at 31 December 2019. Responds to the BPH announcement.
19 June 2020other● Neutral
MEC extends its suspension to 3 July 2020. It has received some information from Advent for the in-specie distribution prospectus, which it and its lawyers are assessing. The notice of meeting is drafted but depends on Advent.
17 June 2020security holder rights change● Neutral
MEC reminds holders that 9,696,476 unquoted $0.04 options expire 6 July 2020, with payment due 3 July. The last traded price before suspension, on 17 January 2020, was $0.004, far below the exercise price.
17 June 2020other▼ BadMajor
BPH says Advent and Asset Energy have served MEC with demands for $242,155 and $593,343, over costs MEC claimed in R&D tax incentive claims. It notes MEC's cash was $249K at 31 March. Opens a new dispute between MEC and its Advent affiliates.
5 June 2020other● Neutral
MEC extends its suspension to 19 June 2020. It has asked Advent to supply all material for the in-specie distribution prospectus by 17 June 2020. The notice of meeting is drafted but depends on Advent complying.
27 May 2020security holder rights change● Neutral
MEC reminds holders that 59.1M unquoted $0.04 options expire on 22 June 2020 unless exercised by 18 June. The last traded price before suspension, on 17 January 2020, was $0.004, well below the exercise price.
22 May 2020other● Neutral
MEC extends its suspension to 5 June 2020. It is waiting for more information from Advent before it can finalise the prospectus for the proposed in-specie distribution of Advent shares. The notice of meeting is drafted.
12 May 2020other● Neutral
MEC extends its suspension to 22 May 2020. It is also finalising a prospectus and notice of meeting for an in-specie distribution of its Advent shares, which needs shareholder approval. This advances the distribution Advent requested in August 2019.
30 Apr 2020quarterly activities report▼ Bad
March 2020 quarter: operating outflow $237K, $200K investing outflow, and cash down to $249K from $686K. That is about one quarter of funding. MEC says it is restructuring its subsidiary and directors take 75% of their fees as shares, subject to shareholder approval.
24 Apr 2020other● Neutral
MEC extends its voluntary suspension to 8 May 2020 or until it announces potential investments under its expanded mandate. No new information given.
1 Apr 2020security holder rights change● Neutral
2.4M unlisted options at $0.06 expired on 31 March 2020. MEC now has 684.45M shares and about 69.9M unlisted $0.04 options expiring June to July 2020.
20 Mar 2020other● Neutral
MEC extends its voluntary suspension to 24 April 2020 or until it announces potential investments under its expanded mandate. No new information given.
6 Mar 2020other● Neutral
MEC extends its voluntary suspension to 20 March 2020 or until it announces potential investments under its expanded mandate. No new information given.
2 Mar 2020half year report▼ Bad
Half-year to 31 December 2019 loss was $2.43M, against $719K a year earlier. Douglas Verley joined the board and Matthew Battrick resigned on 11 February 2020. The report describes Advent as 49.3%-owned, not the 53% previously reported.
21 Feb 2020other● Neutral
MEC extends its voluntary suspension to 6 March 2020 or until it announces potential investments under its expanded mandate. No new information given.
13 Feb 2020joint venture update▼ BadMajor
MEC says BPH's 7 February release was not authorised by its board, and it received no notice of the Advent meeting behind the share conversions. It will seek legal advice on validity. It has not yet been given the Advent information needed for the in-specie distribution prospectus.
13 Feb 2020joint venture update▼ Bad
BPH says the Advent debt conversions have completed: 13.36M new shares at $0.05 lift Advent to 190.95M shares and cut MEC's stake from 53% to 49.3%. MEC disputes the underlying meeting approvals (see 13 February MEC statement).
7 Feb 2020joint venture update▼ BadMajor
BPH (a settlement party) says it and Grandbridge will convert debts into 13.36M new Advent shares at $0.05, cutting MEC's Advent stake from 53% to 49.3%. BPH says Advent gave MEC notice for an in-specie distribution in August 2019, which MEC has not complied with; Advent reserves its rights.
7 Feb 2020other● Neutral
MEC extends its voluntary suspension to 21 February 2020 or until it announces potential investments under its expanded mandate. No new information given.
30 Jan 2020quarterly activities report● Neutral
December 2019 quarter: operating outflow $254K and cash down to $686K from $887K, after $109K of share proceeds. Next-quarter outflows are estimated at $382K, including $200K for investments.
24 Jan 2020other● Neutral
MEC extends its voluntary suspension to 7 February 2020 or until it announces potential investments under its expanded mandate. No new information given.
