MDX - Mindax Limited

[Wilson!]

I am very bullish on this, there must be a reason, he knows, we dont, he keeps buying.
Perhaps the iron ore runs through mdx's grounds and across the whole area.
Seems speculation around that, but who knows

Still risky, but hey with a stop in place, I am hoping to make a good return here.
Just wish the sell side would thin out above, but am sure it may disappear a bit if it runs

 

[roland]

Well, another big purchase by Mr Andrew Tsang - now up to 18.56%. That's pretty amazing for one holder on a spec stock

 

[YOUNG_TRADER]

Well, another big purchase by Mr Andrew Tsang - now up to 18.56%. That's pretty amazing for one holder on a spec stock

Hey Roland, I reckon Mr Tsang is going for a 19.9% stake and he's almost there, why? Well thats the Million dollar question, the answer to which will be very interesting

I did let a few options go today, never hurts to lock in profits, especially since my avg buy on the options was 2c

 

[alankew]

Assuming that this is a potential takeover with Andrew Tsand nearing the magical 19% figure what sort of offer are people expecting-takeovers would normally expect to command a premium in the order of 30%+ish but this thing has run so fast partly because of the nature of this type of stock(speccy)that maybe part of that 30% is already in the price.Figures being mentioned on HC talk of anywhere up to $1(would make me smile)but think that maybe a little bit over the top

 

[hartley]

Everyone holding this stock seem to be rubbing their hands together far too readily (myself included), which makes me weary. What are the potential risks here?

Have Mindex proven that they are actually sitting on big deposits of iron?

Would Tsang be able to sell his holding at a substantial profit, considering how much he owns?

 

[alankew]

Well looks like we wont have long to wait-ann out,Andrew "Lightning" Tsang has increased his stake to 19.9%Forgot to add that it seems starnge that he stopped short of 20%,cant imagine it was a mistake

 

[YOUNG_TRADER]

Well looks like we wont have long to wait-ann out,Andrew "Lightning" Tsang has increased his stake to 19.9%Forgot to add that it seems starnge that he stopped short of 20%,cant imagine it was a mistake

No mistake Alan, its the law, per the Corps Act you can only acquire just under 20% ie 19.9% any more and you have to make a takeover, (other provisions etc etc)

So they usually stop at 19.9%, gives them a nice blocking stake and a good platform should they wish to take it further

 

[YELNATS]

No trading of MDX so far today (at 11.40 am) and no announcement of any trading halt etc. Seems a bit peculiar. Has everything just gone quiet with this one now?

 

[exberliner1]

Greetings from Ukraine all

Not much to say really just the point that I am delighted how well MDX has held up in the current global financial carnage. many speccies have dropped by 25% - 50% over the past couple of weeks and MDX has been notable for a distict lack of selling pressure.

This indicates to me that real available freefloat is tiny and that most holders are not looking for T+3 profits. This imo should create a solid foundation for further upswings on news.

So hold tight guys

EB

 

[roland]

The action in MDX is a little like my tomato crop this year - non existant.

Are they actually doing anything out there in the desert?

 

[hartley]

*tumbleweed*

Lets hope it's the calm before the storm eh? At least the heads are holding up around 2.80

 

[roland]

Hardly surprising:

APPOINTMENT OF DIRECTOR
The Directors of Mindax Limited (“MDX”) are pleased to announce that Mr Andrew Tsang has accepted an invitation to be appointed to the Board of the Company and that his appointment has been made with immediate effect.
Mr Tsang is the largest shareholder of MDX, owning approximately 19.9% of the Company.

Mr Tsang has advised that his investment in MDX is not a short term investment; rather, it is his intention over time to maintain his level of shareholding and, subject to Australian law, to increase that shareholding when circumstances permit, and to support the Company.

As well as owning 19.9% of the shares of Mindax Limited, Mr Tsang has acquired approximately 3% of the current MDXOA series of options which fall due for exercise or expiry by 30 June 2008.

The Directors are also pleased to advise that the Company has entered into an Underwriting Agreement with Mr Tsang whereby Mr Tsang agrees, subject to conditions including MDX shareholder approval, to underwrite up to 19.9% of the MDXOA series.

A special meeting of shareholders will be held sometime in May 2008 to consider this and other matters.

Mr Tsang is a naturalised Australian citizen who was born and educated in China and who has successfully established and run construction, engineering and property development businesses both in China and Australia as well as establishing successful import agencies for Australian manufactured goods into China.

He has sound commercial connections with many leading Chinese heavy industry producers including participants in the Chinese steel manufacturing industry.

In view of Mr Tsang’s successful business background and his relationships with Chinese industry players, the Directors of MDX consider that his appointment will be of considerable benefit to the Company as it progresses its Mt Forrest iron ore project.

 

[spottygoose]

Red Rock Resources Is Looking To Act As An Iron Ore Consolidator In The Yilgarn District Of Western Australia


By Alastair Ford



On the desk at the reception as you walk into Andrew Bell’s offices, just opposite the new Rio Tinto building, is a dealer’s note for the acquisition of some Mindax shares. The offices are in a small unassuming muse tucked away behind Paddington station, and it’s only because the two-storey building is modestly distinguished with metallic nameplates that read ‘Greatland Gold’, ‘Regency Mines’, and ‘Red Rock Resources’ that you’d know from the outside that the whole setup isn’t the base for some aging dowager who hasn’t cleaned her net curtains for a while. You get the feeling Mr Bell has been in situ a whole lot longer than Rio Tinto. Whether he’ll outlast Rio is another matter.
One thing’s for sure, though. The small size of his companies means he can be a lot more fleet of foot when it comes to deal-making. The Mindax shares represent just the tip of the iceberg. Under the Red Rock banner Mr Bell is making all sorts of moves down in Australia to act as consolidator in manganese and especially in iron. It’s a big undertaking for a company that’s only capitalised – and not even in Australia – at just under £5.5 million.

But Mr Bell knows a thing or two about how to work markets. With Portman’s Koolyanobbing as his model, he’s hoping to stimulate a bit of corporate activity in Wetsern Australia’s Yilgarn area. The reason is that, in tune with the times, Mr Bell reckons that there’s too much small-time activity going on in the area, and that what’s needed is scale. Red Rock has its own ground in the district, of course. Three properties, Mount Alfred, Mount Ida, and Mount Hope, constitute a combined ground holding of over 200 square kilometres. Red Rock is already in partnership with Australian-listed Jupiter mines, in which it also holds an eight per cent stake. Mindax is another neighbour, and Red Rock holds eight per cent in that company too. Other local small-time operators include Iron Mountain Mining, Polaris Metals and Hawthorn Resources.

It’s not rocket science to work out the plan, but Mr Bell spells it out anyhow: “Our neighbours are too small. We are trying to act as a catalyst. If you get four or five of these companies together you’d also get Chinese interest.” It’s the old China story again, and no one can deny it’s worked pretty well in the past.

So what’s on offer? Well Jupiter has 2.2 million tonnes in the inferred category, but apart from that there’s not much for the Joint Ore Reserves Committee to get its teeth into. According to Mr Bell, the thinking at Mindax is that the company is sitting on 75 million tonnes of high grade haematite. But funding has been tight, so progress to date has been slow. This year things should get moving though, as the iron ore price continues to stimulate activity, Mr Bell injects a bit of cash here and there, and drilling starts to bring in some hard numbers. Whether Red Rock ultimately gobbles or gets gobbled up by one of its neighbours, or by a third party, only time will tell. But what with the stakebuilding that’s already been achieved, Mr Bell will certainly have some say as to the outcome.

In the meantime there’s also the manganese property to work up at Oakover, where the company has 695 square kilometres of ground, forty kilometres north of Consolidated Minerals’ Woodie Woodie mine. According to Mr Bell, the recent bidding war for Consolidated Minerals “shows you what people think of manganese”. Some say the eventual buyer overpaid, but the counter view is that the losing bidders were ultimately outclassed. Either way there’s plenty of demand for manganese, as the recent arrival of Spitfire Resources onto the scene has also demonstrated. Early shows at Oakover are good, although, as with the iron properties there’s much work to be done yet.

This article was posted by Hopeless on another site and I believe it comes from a UK mining site. The original poster has been asked for the source.

 

[roland]

Are you guys still holding MDX? I'm getting a little bored watching us lose a cent each day or so. I suppose at this level the options are not going to sell very well..

 

[roland]

I'm out with a decent profit. A few more cents down and I'd be running a loss, and I have had my fair share of losses this financial year.

Good luck MDX holders

 

[roland]

Red Rock ceases to be a substantial holder for MDX - not a good look. I'm out, just have the options now.

 

[asdfghjkl32]

Suddenly got pumped up to $0.29 on Friday last few minutes.... I guess they may have some good news about to release...

 

[Kevi]

yep.. thats what im thinking.. Also stocks seems to have broken out from the acending triangle.. Might have hit a few chartists radars over the weekend..

Not many shares for sale.. maybe 350K or so..

One to watch tomorrow!

 

[asdfghjkl32]

The coming few days are critical for the company, might have good news to be released, gotta keep my eyes on it closer, must have fun.

 

[JimBob]

Mindax has been consolodating around the 35c mark for a while, holding up well considering the general ASX performance lately. Still waiting for approval from ACMC to start drilling its Iron Ore project at Mt Forrest. Further information was required from the last meeting in order for the ACMC to make their decision.

Currently the directors hold around 12%, Andrew Tsang has 19.9% and the newest substantial holder Mr Yeung, has 5.27%. Red Rock has reduced their holdings from 9% to under 0.5% but had acquired about 6 million options, so they may be looking to up their stake again.

Additionally Pallinghurst, who have a large stake in JMS, have requested to inspect Mindax's properties adjacent to JMS and RRR.

If approval is granted, Mindax are looking to start drilling July or August. Intersting times ahead.