MDX - Mindax Limited

[upndown]

JimBob,
News is on the way and it aint good.What I hear is ACMC has not granted permit.And now with an early election on Govt departments will virtually shut down till late Sept.

 

[spottygoose]

JimBob,
News is on the way and it aint good.What I hear is ACMC has not granted permit.And now with an early election on Govt departments will virtually shut down till late Sept.

That is a huge statement could you please elaborate as to who you heard this from? I can not imagine for a minute it would not be granted, delayed perhaps... you need to explain such a huge statement further.

 

[YOUNG_TRADER]

See, like I said I usually do leave profit on the table, I sold the last of my MDX at 35c, yet for the last week under very tough mkt conditions the stock has turned over good volume near record highs which to me suggests something maybe up as this is one of the only stocks I am aware of that is reallly bucking the trend of late


Good luck guys, I will be watching

 

[spankme]

JimBob,
News is on the way and it aint good.What I hear is ACMC has not granted permit.And now with an early election on Govt departments will virtually shut down till late Sept.

Where did you hear this news upndown and how reliable is the source? You posted at 5am - when did you hear this news?

 

[upndown]

Morning all,

I am very sorry;I used the phrase "not granted" where I should have used the word "delayed".

My apologies to all.

 

[pan]

Morning all,

I am very sorry;I used the phrase "not granted" where I should have used the word "delayed".

My apologies to all.

How did you get this info in the first place?? It was obviously correct..


I think the last sentence in the ann. is the most important

"Mindax remain strongly of the view that exploration drilling will be allowed and have the support and encouragement of the registered native title claimant in this matter"

 

[JimBob]

Its a bit frustrating for Mindax and shareholders. They have had meetings with the ACMC and DIA about what information is required, then once this information is provided they are told that they still require further information. Unfortunately they just missed the cutoff for the next meeting, so the October meeting is about 6 weeks away. Im not sure what the hold up is if they have the support of the native title claimants though.

 

[Whiskers]

Now I'm beginning to think it's just getting started. If my EW count is correct wave (3) will probably take it to about .64 or even .91 if wave three extends, as I'm led to believe it often does. A five wave target about $1.20 to $1.30 in a few months, I suppose.

Gotta read up a bit more on the fundamentals now. Should be a lower degree corrective wave 2 coming any day, which would be a good cue to get in.

Well, I'm in... and I reckon it won't be long before some good news arrives and this price scoots back up to and probably past previous highs pretty fast.

Appart from the frustrating Fe prospect, there are some Cu, Au assays due anytime... and I reckon gold has bottomed and cycle 3 (up) is underway.

 

[Whiskers]

I'd say it's bottomed and working it's way back to the top of the bollinger band at least even without any news.

 

[Whiskers]

Yeeah... up 9.45% so far today.

YT... was that you buying back in, that big bundle at 39 cents?

 

[Whiskers]

Bugga... gapped up pretty big today... over 14% so far. Invariably these gaps get filled sooner or later.

Still like it's short to med term prospects though.

All in all, I 'm thinking the market might go a bit flat tomorrow and this gap might fill sooner rather than later, so I figured I might as well put a little profit in the bank and catch it again on the rebound.

 

[JimBob]

Mindax closed out the week at 46c, just 1c off its all time high of 47c. Had a brief dip into the mid 30's on low volume during the week but recovered well with good volume (for Mindax) going through at 45c and 46c.

Expecting rock chip sample results in the next week and the ACMC meeting to gain drilling approval at Mt Forrest is less than 2 weeks away. Mindax has made the Agenda for the ACMC meeting
http://www.dia.wa.gov.au/Documents/HeritageCulture/ACMC/October Advert.pdf
so hopefully the months and months worth of information requests are behind us and drilling approval is granted.

 

[JimBob]

Mindax is still surviving the general market blood bath closing the week at 48c. It has made a new all time high of 51c recently, consolidating just below that level. Mindax still awaits drilling permit approval for Mt Forrest. October 1 was the recent ACMC meeting regarding Mindax's application, a decision may be a little way off due to delays from the recent government change in Western Australia. In the meantime, Andrew Tsang has increased his stake to just over 20%.

 

[Whiskers]

Mindax is still surviving the general market blood bath...

Yep... and good trading oppertunities too.

Looking for a kick to the low 50's again pretty soon... waiting for an announcement.

 

[Whiskers]

Interesting ann just out.

Mr Wang sounds a bit sus to me.

Sounds a bit like someone is pretty keen to get some influence over MDX.

Good to see Portman interested, probably.

MARKET UPDATE

1. DEMAND FOR BOARD APPOINTMENT BY MR WILLIAM WANG

The Directors of Mindax advise that over the past few weeks at his request, they
have had a number of discussions with Mr William Wang who has sought
appointment to the Mindax Board. Two meetings have been held between Directors
of the Company and Mr Wang who has on each occasion been accompanied by his
lawyer.

Mr Wang has stated that his request for appointment is supported by and is in fact
the initiative of a number of “Asian based investors” in Mindax. Mr Wang asserts that
collectively the investors he represents hold approximately 16% of Mindax.

Mr Wang advises that these investors believe that the current Mindax Board does not
adequately reflect the Company’s Asian based shareholding though Mr Wang has
stated that these investors have full confidence in the existing Board and
management, and support current strategies. Mr Wang stated that although he was
personally only a small MDX shareholder, he was keen to expand his own MDX
shareholding.

(Although Mr Wang is also a Director of Jupiter Mines Limited (“JMS”), he advises
that his request for a Board seat is made independently of JMS.)

The Company has in the past received requests for appointment to the Board and
has given such requests careful consideration. Careful consideration has been
given to Mr Wang’s request, however the Directors of Mindax have concluded
that it is in the interests of all shareholders for Mr Wang’s request to be
declined and he has been advised accordingly.

Mr Wang has previously informed the Board that any decision to decline his
appointment would be unacceptable to him personally and to those investors he
represents, and that they may exercise their rights and call for the convening of a
Special General Meeting to procure his appointment to the Board and possibly to
seek the removal of some current director or directors. The Board will continue to
keep shareholders informed of any developments.


2. INQUIRY BY PORTMAN LIMITED

Following a request by Portman Limited (“PMM”) for a visit to the Company’s Mt
Forrest iron project site, a site visit has been undertaken and completed by PMM
personnel. PMM has now sought and been granted access to technical data.

 

[JimBob]

Sounds strange that Mr Wang says the investors he represents have full confidence in the current board, but he may seem to call a Special General Meeting to try and get himself on the board and possibly seek the removal of one or more directors. I wonder who he may want to remove?

The board seem to have done a good job so far in choosing their board members.

 

[Whiskers]

Sounds strange that Mr Wang says the investors he represents have full confidence in the current board, but he may seem to call a Special General Meeting to try and get himself on the board and possibly seek the removal of one or more directors. I wonder who he may want to remove?

The board seem to have done a good job so far in choosing their board members.

I haven't paid a lot of attention to Jupiter, but it seems they have a bit of 'Asian' influence on the board there... and from an ann on 19 Sept Jupiter has an offtake agreement with the Chinese.

An attempted backdoor takeover attempt no doubt.

This could get interesting...

JUPITER MINES LTD

Directors/Officers
Paul Murray
Andrew Bell
Priyank Thapliyal
Alan Topp
William Wang
Patrick Sam Yue
Andrew Zhou

Jupiter Mines Limited (ASX: JMS – “Jupiter”) is pleased to announce that it has
signed a Heads of Agreement (HOA) with global Chinese iron ore and
metallurgical company, the Haoning Group, to enter into a strategic future off-take
agreement.

 

[Whiskers]

Another interesting turn of events again since Mr Wang from JMS wanted a seat on the board of MDX.

The Directors of Jupiter Mines Limited (ASX: JMS – “Jupiter”) announce that the Company
has received a proposal from Pallinghurst Resources Australia Limited and Red Rock
Resources PLC seeking to vend certain assets into the Company.
The consideration for this would be an issue of shares which would be likely to lead to a
change in control of the Company. The Board notes that such a proposal would require an
approval of shareholders at a general meeting and prescribed information would need to
be presented to shareholders at that time.
The Board is currently giving the proposal careful consideration and further releases will
be made in due course.

Interesting that Andrew Bell is on the board of JMS and Chairman of Red Rock and Priyank Thapliyal is on the board of JMS and Pallinghurst. Chairman of Pallinghurst is the former CEO of BHP-Billiton, Brian Gilbertson.

It's looking a lot like Pallinghurst is after MDX to expand it's iron ore portfolio.

By the reaction of MDX directors (above) it'll be hostile and hard fought.

Only hope it'll be profitable to hold now.

 

[JimBob]

Yeah, by the sounds of it, Mr Wang and the investors he represents want Mindax to merge with Pallinghurst/Red Rock. I guess Andrew Tsang has other ideas.

Looks like more delays from the latest ACMC meeting, not making a recommendation on their application. hopefully its not too long before we hear what the Minister's position is.

 

[Whiskers]

From the latest 'Change of Directors Notice' it seems that Mr Andrew Tsang and his wife now holds 26.6m shares... over 29% of Mindax.

Seems like mr Wang and JMS is shut out for the moment.

But the question is, what's Andrew Tsang's intentions!