Hypothesis on stock movement?

[KingKongFong]

I have verified what piperalpha said.......this does not bode well....

Although they do have an office in Kavieng that remains open.

[piperalpha]

OK,
So neither rushing nor dragging, just putting forward
some information I have been able to procure. There
Is no wet testing happening, Kavieng is CSR activities,
and if we as shareholders want to do analysis of corporate activity through analysis of satellite imagery, better we go to Planet.com for their medium resolution images, we can ask for recent imaging of specified areas, they have a constellation of ~60 satellites in orbit right now.
Hopefully something can be secured to fund this through to completion, it would be a shame for it to fail now.

[KingKongFong]

Planet Labs does not have data available for the area from their constellation - it was the first place I checked.

[GGGGG]

"Seems they have sacked 26 people"

They have been maintaining 26 people in PNG for all these years? That's the part I find upsetting. I would say they only needed 3 people at most, and hired local legal and business talent. My usual cursory and inadequate reading of the last annual statement does not actually mention the number of employees. searching on salaries I find.

Based on these salary numbers I don't get how they have 26 employees anywhere given they are in Canada, Australia, NZ, and multiple location in PNG. a million dollars does not buy that many people. The annual statement lists principle offices in multiple locations in Canada and Australia only.

13 Exploration Expenditures
Wages and salaries 399,136

14 General and Administration Expenditures
Professional services 316,433
Salary and wages 998,721

In the annual statement, do they list officers salaries? I think they are listed in Yahoo.

[DeepBlueMarine]

 There Is no wet testing happening

Is this to imply that no wet testing has occured to date, or simply that wet testing is not actively taking place (maybe it is already completed)? Just asking for clarification sake.

[woodrhino]

 There Is no wet testing happening

Is this to imply that no wet testing has occured to date, or simply that wet testing is not actively taking place (maybe it is already completed)? Just asking for clarification sake.

June 2016 AGM stated that wet testing is meant to start in H2 2016, but the money for the wet testing was only available if the offering went to 100% subscribed. So I do not think wet testing is on the schedule anymore.

[Clarkpaul]

This guy is the reason the equipment is in Oman. I worry he may be working a deal to acquire the whole ball of wax at pennies on the dollar. MB Holding Company LLC is an Omani conglomerate with interests in oil and gas exploration and production, oilfield services, engineering and mining. The company was founded in 1982 by Mohammed Al Barwani as an oilfield service provider to oil producers such as Petroleum Development Oman and Occidental Petroleum.[1] It subsequently expanded into exploration and production and gained concessions in Oman, Egypt and Mozambique.[1] MB's engineering arm is involved in the aerospace and defense industry.[1] It's mining subsidiary, Mawarid Mining, was set up in 2000 and is the largest private mining company in Oman.[1][2] Mawarid is the first private mining company to engage in copper and gold exploration in Oman.[3]

[Monk3]

How is MB going to convince Metalo and Anglo to sell their shares to them at a massive loss? Metalo and Anglo have stuck with NUS through all the bad times before and have purchased more shares since those events.

[Clarkpaul]

Tycoons never conspire? I hope I'm mistaken,
I'd like to make a little money myself.

[GGGGG]

How is MB going to convince Metalo and Anglo to sell their shares to them at a massive loss? Metalo and Anglo have stuck with NUS through all the bad times before and have purchased more shares since those events.

A better consipiracy theory is that the large shareholders put together an offer to take the company private.  Which given the high dilution of the last offering means they probably could get the votes.  Even if they offered what might sound like a crazy sum like $3, the ipo price, a share they would be mostly paying the sum to themselves.  That might end up in Canadian court, so why bother?

I think if they wanted to do that the path of least resistance is another share offering, which would dilute ownership even more, or issue prefered stock which would not further dilute ownership but future dividends would end up with the owners of the prefered for a long time.   While their press release talked of a loan, I think the same shareholders that bought the stock at the rights offering would be willing to put up cash in the form of prefered shares.