A private individual with extensive mining contracting knowledge has engineered a deal to purchase the Minjar assets as a complete concern. This individual is known to me, and knows value when he sees it, and has the equipment and knowledge to run Minjar at a profit. He has gone into this with some partners, and beaten MK to any deal with the liquidators.
MK is trying score any of these gold assets up for grabs, at rock bottom prices (knowing full well that gold and gold mining companies will shine this year). MK thought he could offer bugger-all for most of MON's better assets, and score them, to his benefit. It hasn't happened, and won't happen.
The liquidators have done a deal to sell Minjar at a very good price (more than the proposed sale price last year) - but it comes at a cost - payment over an extended period.
The buyer of Minjar is no fool, knowing that the liquidators are seeking the maximum return to MON shareholders and creditors - so the buyer offered a good price, with the extended payment proviso. He knows he can cover the payments from future production - at a gold price that is running at nearly double what it was a year ago - and turn him a tidy profit with his low overheads (read - no West Perth office and BMW's or Mercs). The liquidators are happy - they can report a better sale price than expected - and they are in the job for longer.
MON is dead in the water - shareholders and creditors will get a minimal return - but better than nothing, I guess - and this is a timely warning to share investors not to place your money into companies that are led by people who have little or no interest in making sure that you get it back, with benefits.
The CEO and upper management are the ones who get the benefits - 1st class travel, luxury offices, expense accounts, prestige brand cars, etc etc, ad infinitum. They can nearly always bank on another media roadshow to suck more money in from new shareholders when the biscuit tin gets low.
MON was a typical, top-heavy, debt-laden operation - with a couple of good mines that couldn't support the overheads, and couldn't support the rest of the clapped-out mines owned by MON.
Be very aware, that many of these old mines have had the guts ripped out of them in the 80's and 90's, and if a company comes out and trumpets it's going to make zillions reviving old mines - start running.
Old mines are high overhead, low profit margin operations - often with less reserves than stated - and often come with costly hangovers from previous operations/poor management.
If the company can't produce good figures and action, showing new exploration and solid drilling results, and good cashflow - you might as well go and blow your dough on the pokies at Burswood. It will just have the same result, but much quicker, and with less worry.
I have no doubt the liquidators will be back soon with more reports of MON asset sales - but a lot of MON's assets won't bring much - because they aren't worth much. Minjar was one of the few assets that could have put MON on its feet, in another day, and another time, and with different management - but it's effectively amongst the "also-rans", from here on in - and if it's ever revived, it will only be the company shell that is revived.