Re: MUL - Where to from here?
Wake-up All Dozey MUL Shareholders !! :goodnight
Ballintine, the Executive Director, Managing Director, Company Secretary, Legend-in-his-own Lunchtime one-person controller of MUL is doing it to you again and no-one seems to care.
Ballintine regularly commented on what a dream the General Meetings were for the Directors - the shareholders didn't attend the meetings, the Directors always had their YES proxies lined-up, no-one raised any general business, caused any fuss and it was always a cake-walk where they'd easily get whatever they wanted approved and just went about earning their salaries, fees, and perks.
The way everyone is acting, Ballintine is banking on shareholder apathy to 'get-away-with-it' once again on June 16.
Last week the ASX required a 'Please Explain' from Ballintine after the share price pumped by 0.3 of a cent to 1.8cents, he replied that the company would make more losses and nothing was happening.
Then by Friday last week it fell-back to 1.5cents.
By Monday (today) it mysteriously pumps again to 1.8cents, a gain of 20%, and
after market close Ballintine makes an announcement of
ANOTHER 10 million shares thrown away (value $150K)to retire the Equity Finance LOC. Unbelievable.
If we're to believe the recent announcements concerning MULs now Infamous Line of Credit,
Ballintine has wasted $560,000 worth of the company's shares to activate and then retire the LOC within just 2.5 months in order to raise a crappy, and insignificant $525,000 in working capital out of a possible $10m !!!
Can you believe this - it equates to
MUL paying the equivalent of approx. 512% interest to raise a small amount of working capital. At a time when mortgage rates are only 7%pa., Ballintine doesn't even blink when he commits the company to an interest expense of OVER 500%.
Who's really pocketing this money??
And anyway, did MUL voluntarily retire the LOC, or were they forced to ??? Makes you want to get an answer to this question at the General Meeting on June 16?
ASIC & the ASX must investigate all these glaring irregularities going on or it's the shareholders who are going to suffer once again.
Be Warned.