Posted by jun1920 > 2020-09-05 21:39 | Report Abuse

Reference is made to the Company’s announcement dated 12 November 2019 (“Announcement”) in relation to the Proposed Conversion. Unless otherwise stated, the definitions used in this announcement shall carry the same meanings as defined in the Announcement.

 

MUIP wishes to announce that by reason of Nex Metals’ failure to convene an Extraordinary General Meeting to seek its shareholders’ approval for the Proposed Conversion in accordance with the requirements of the agreements between Cesuco and Nex Metals, the Proposed Conversion has automatically terminated and Nex Metals became obliged to pay to Cesuco the sum of AUD1,500,000 (equivalent to RM4,606,500 based on the exchange rate of 3.071) plus accrued interest.  Cesuco has today sent a letter of demand to Nex Metals and reserved all of its rights in respect of Nex Metals’ breaches.

 

The termination of the Proposed Conversion is not expected to have any material effect on the net assets per share, gearing, share capital and substantial shareholders’ direct and/or indirect shareholding of MUIP for the financial year ending 30 June 2021.

 

This announcement is dated 4 September 2020.

Posted by Tripaka > 2020-09-06 10:17 | Report Abuse

Maybe they found gold and don't want to honor the agreement?

Posted by Jack Khan > 2020-09-06 12:55 | Report Abuse

Good move from Muip management! this will force them to pay back Aud 1.5m + at least 380k acrued interest! Or call for EGM on how to settle this. Currently their account have 500k + 2.5m new placement. The 2.5m is capital for tailing processing and they can't use it .

Currently NME have zero cash flow.

Posted by nicky > 2020-09-06 19:45 | Report Abuse

So it is a bad news ?

Posted by LittlePony > 2020-09-07 08:44 | Report Abuse

So..... Keep or run?

Posted by Insiderinfo888 > 2020-09-07 09:09 | Report Abuse

hello so cheap buy more la sure up after earn d no need thank me just do charity

Posted by niet > 2020-09-07 09:21 | Report Abuse

Unfair on the part of NME!

Posted by noobi3 > 2020-09-07 09:42 | Report Abuse

Looks like gone case this counter

Posted by StevenLim80 > 2020-09-07 09:44 | Report Abuse

Why drop so much

Posted by derrickinvestor > 2020-09-07 10:00 | Report Abuse

How? 6 sen drop... fck

Posted by derrickinvestor > 2020-09-07 10:01 | Report Abuse

Muiprop still got gold or no gold?

Posted by alanleeky > 2020-09-07 10:32 | Report Abuse

with Gold price up and good prospect, the Nex decline to convert is norm....you will do the same if you are the Nex Boss...
More nego between parties ...maybe

Posted by Kevin Tam > 2020-09-07 10:32 | Report Abuse

So easy to breach the previous contract by Nex Metal? If they really found good grade gold ore , Muiproperty can sue them for breach the rights to convert the bonds to mother shares ...

Posted by monreyes > 2020-09-07 10:53 | Report Abuse

The shareholders were not happy with the conversion bcoz the share price were dirt cheap back then...

Posted by monreyes > 2020-09-07 10:53 | Report Abuse

Take over the company...

Posted by Jack Khan > 2020-09-07 11:13 | Report Abuse

Really don't know. But base on nme recent share placement. There is not much problem to raise 2m to pay off the loan

Posted by alanleeky > 2020-09-07 11:19 | Report Abuse

without gold, MUIP just a property

Posted by alanleeky > 2020-09-07 11:20 | Report Abuse

If the Theme gone, only the Park left....

Posted by rezzare > 2020-09-07 12:19 | Report Abuse

aiyo got other counter also gold theme mar.. y hold on to one only haha

Posted by alanleeky > 2020-09-07 12:45 | Report Abuse

which counter have GOLD mines ?

Posted by kimsean > 2020-09-07 12:58 | Report Abuse

MUIPROP Management was incompetent on NES issue and probably had misled investors without warnings that the conversion may not materialise.

Posted by influenza19 > 2020-09-07 13:06 | Report Abuse

bahvest the only gold mine in malaysia that produce 50kg to 100kg per quarter currently, still as a property counter muiprop is a good company. PE below 15 and profit every quarter. construction and property are rapidly recover after MCO.

Posted by monreyes > 2020-09-07 14:26 | Report Abuse

today MCT announced AUD5M placement ...would be nice if it is from MUI

https://www.metalicity.com.au/wp-content/uploads/2020/09/6994829.pdf

Posted by derrickinvestor > 2020-09-07 15:07 | Report Abuse

So wat hapoen now?

Posted by Chong1116 > 2020-09-07 16:00 | Report Abuse

Will it back to 20 cents? If totally not involves in gold mine.

Posted by derrickinvestor > 2020-09-07 16:02 | Report Abuse

u mean muiprop no more join venture in gold? looks like cant trust aussie company as well

Posted by Chong1116 > 2020-09-07 16:02 | Report Abuse

Yes

Posted by derrickinvestor > 2020-09-07 16:03 | Report Abuse

and this andrew inexperienced and such a fool...

Posted by derrickinvestor > 2020-09-07 20:27 | Report Abuse

So any chance to go up again?

Posted by kimsean > 2020-09-07 21:11 | Report Abuse

No chance if no share in gold mining business, back to 20sen days in property business.

Posted by gghaha > 2020-09-07 21:48 | Report Abuse

Wait below 0.20 again...:)

Posted by Springtime > 2020-09-07 21:51 | Report Abuse

Now left with only one gold mining company on Bursa

Posted by kimsean > 2020-09-07 21:58 | Report Abuse

Quite an irresponsible corporate maneuver and share investors were misled and became suckers.

Posted by nicky > 2020-09-08 06:33 | Report Abuse

I checked in at level 0.49...

Posted by nicky > 2020-09-08 07:09 | Report Abuse

So far i think the proposal called off won't affect the company P&L ac ...

Posted by dreamer74 > 2020-09-08 07:52 | Report Abuse

This is how we ikan bills got stuck. Without gold mining business there is no growth story anymore.

Posted by firehawk > 2020-09-08 08:20 | Report Abuse

Nex Metals financials，

https://www.msn.com/en-au/money/stockdetails/financials/asx-nme/fi-aa88gh

Posted by kimsean > 2020-09-08 08:49 | Report Abuse

Why did this counter go up, bcos goreng thinking of high gold price,.

Posted by Jack Khan > 2020-09-08 08:54 | Report Abuse

Bad news! Confirm MUIP have been play out by NME recent cash placement and is use to cancel the convertible note!

https://hotcopper.com.au/threads/ann-payout-of-convertible-note.5610905/

Posted by James Chan > 2020-09-08 09:06 | Report Abuse

is that mean this stock dying?

Posted by Jack Khan > 2020-09-08 09:09 | Report Abuse

no more gold for Muip!

Posted by Wt6669 > 2020-09-08 09:24 | Report Abuse

wa wash gao gao this better go nice

Posted by Jack Khan > 2020-09-08 09:25 | Report Abuse

correct monreyes but recent rise is because they price in the gold mine in future.

Posted by Chong1116 > 2020-09-08 11:20 | Report Abuse

No hope...on the way to south. Hopefully 20 cents can support.

Posted by Jefferson Lim > 2020-09-08 11:27 | Report Abuse

No more share conversion? WTH MUIP is doing? Oni take $1.9m instead of stakeholding. Poor management

Posted by didi7349 > 2020-09-08 12:25 | Report Abuse

poor retailers conned front and back

Posted by dreamer74 > 2020-09-08 12:46 | Report Abuse

If u want to hedge Muiprop base on gold story tunggul till 0.20. lens conned kaw kaw

Posted by nicky > 2020-09-08 14:53 | Report Abuse

Too bad... hope the stock itself really hv it own value.... may be go for privatization....

Posted by nicky > 2020-09-08 14:56 | Report Abuse

But the volume is thin ..may be already reflect the value.... no big sharks selling

Posted by xuxu > 2020-09-08 15:06 | Report Abuse

So negative how to buy stock ? haha