MMN - Macmin Silver

[doogie_goes_off]

Fundamentally MMN is starting to look cheap and with silver at $19/oz, why would this one be south of 10c?

 

[oldblue]

Fundamentally MMN is starting to look cheap and with silver at $19/oz, why would this one be south of 10c?

I don't know too much about MMN but as a perplexed holder of CXC I've come to the conclusion that there is no correlation between the price of silver and the SP's of silver miners!

 

[doogie_goes_off]

With silver back around $10/oz Macmin has gone into voluntary administration. Maybe New Guinea Gold isn't performing that well either, there doesn't seem to be a dividend which there should be if they were producing 20000 oz Au / year. COY has yielded no real joy as yet and the administrators would be sorely tempted to sell FNT shares, however there is little worth in them either. Unless silver production at Twin Hills miraculuosly picks up, we are likely to see Macmin on the ropes for good.

 

[explod]

With silver back around $10/oz Macmin has gone into voluntary administration. Maybe New Guinea Gold isn't performing that well either, there doesn't seem to be a dividend which there should be if they were producing 20000 oz Au / year. COY has yielded no real joy as yet and the administrators would be sorely tempted to sell FNT shares, however there is little worth in them either. Unless silver production at Twin Hills miraculuosly picks up, we are likely to see Macmin on the ropes for good.

What really gets to me is the recent reports for increased production, efficiency and hiring more staff. All up to within days of the clanger. Fortunately only have a small amount in it but feel for other holders.

 

[windy]

Hi there! I have very limited computer skills, so rarely reply. I also live in S.E. Queensland about 100kms from the silver mine in Texas. I found this article in my local free newspaper today, thought I'd share it. It reads:-
FOR SALE: Silver mine assets. Administrators for the troubled Macmin Silver and its 100% owned subsidiary, Texas Silver Mines P/L, have advertised its assets for sale, however, shareholders at last month's fiesty annual general meeting of the troubled company made it clear they have not given up on the miner yet. The AGM, hosted by administrators Pitcher Partners, saw management come under heavy questioning. It heard that the final blow for the company was the delay in completing a crusher, which was to leased for the company, and enable a tripling of silver production. That equipment is currently tied in state govt. red tape. Shareholders at the meeting expressed frustration with this- and a sequence of delays at the company, as well as lack of info."It would have been nice if shareholders...were notified to see if there was any way to help'"one shareholder told meeting. The group heard that $5mil. would be required to resuscitate the company- a lot of shares, considering Macmin last traded at a measly 4.4c/share. The meeting was not without its moments of black humour.Asked by one shareholder if there was anything the owners of company could do to save it, administrator Chris Munday said "Win lotto." Despite criticism of the m/ment, general manager Denis O'Neil was re-elected to his post.
Disgusting that the truth of any company's failings is not transparent and open, and the truth is only told through a small newspaper like this one for example. Goes to show how company's get away with blue murder at the expense of shareholders.

 

[explod]

Thank you Windy, what an absolute disgrace. I am only a small holder but was looking to its future as good and would be interested if anyone has ideas for an injunction on behalf of shareholders so that we may appeal to government authourities to save this potentially productive silver mine.

Can we do anything?

 

[windy]

Don't know why these photos were on today's Brisbane Times website, but I just thought I'd post them, seeing I only live about 100kms from there. Operations seem to be up and going, but I'm very sorry they've gone down the plug hole like everybody else. http://www.brisbanetimes.com.au/new...ilver-operations/2008/12/15/1229189533670.htm

 

[Warpspeed]

O/k, by now most of us will have received a notice of the General Meeting from the Administrator, and details of the proposal to take over Macmin by "the syndicate".

I have only very quickly skimmed through it all so far, and have not yet decided if this offer will fly..

Anyone here care to put forward an opinion on this proposal ?

 

[explod]

O/k, by now most of us will have received a notice of the General Meeting from the Administrator, and details of the proposal to take over Macmin by "the syndicate".

I have only very quickly skimmed through it all so far, and have not yet decided if this offer will fly..

Anyone here care to put forward an opinion on this proposal ?

Only had a bit of a skim myself. If silver gets going a bit more it will be ok, shares are going from 20 = 1, but value on its close(suspension) will be a fair bit less as new issues to raise starting capital is going to dilute value a fair bit.

But good to see some action.

 

[Warpspeed]

I have yet to crunch the numbers, but I will when I have some time.

I guess the big issue is how much are they going to dilute the shares?

In other words, how much of Macmin will be left for us shareholders after the syndicate has bitten off for itself a massive slice of the company.

The one for twenty split really means nothing, it is how much of Macmin will be left for the original shareholders.

Suppose hypothetically silver suddenly goes up to $50 or $100 per ounce.
We may then get a much better offer.

Seeing things moving again would be great, but we don't want to rush into this IMHO.

If Macmin remains dormant for another twelve or eighteen months, would that really be so bad ?

The other thing is, the ASX will have some rules that some percentage of shareholders must agree to this offer. Anyone know how much support this needs ?

 

[Boyou]

News just out regarding the re-listing.

i think i would prefer to see the POS go a bit higher before taking the bait on this.As others have stated ..how much will be left for the faithfull shareholders?

Macmin Silver Ltd emerges from
Administration & changes name to
Alcyone Resources Ltd
October 13, 2009
Macmin Silver Ltd is pleased to announce that, following its $4 million capital raising, the Company has
emerged from voluntary administration and changed its name to Alcyone Resources Ltd ( Alcyone) (ASX
code: AYN).
The move paves the way for Alcyone’s shares to resume trading in mid‐November, once the Company
has completed its interim accounts for the six months to December 2008 and its annual report for the
year to 30 June 2009.
Alcyone’s emergence from voluntary administration follows termination today of the Deed of Company
Arrangement that was previously approved by the company’s creditors.
With funding now available, work will start immediately on scheduling the metallurgical test program
and other investigations aimed at assessing the potential to resume silver production at the Twin Hills
Mine, located approximately 240km south‐west of Brisbane. This program will involve the collection of
ore body samples, testing by an independent laboratory and subsequent assessment of the economic
parameters. Further detail on the program and results will be announced as they emerge.

 

[Joe Blow]

Macmin Silver (MMN) is now known as Alcyone Resources (AYN).

All discussion of this company will now continue in the AYN thread, which can be found here: https://www.aussiestockforums.com/forums/showthread.php?t=17995

This thread has now been closed.