MEC Resources Receives Writ Of Summons From BPH Energy

MEC Resources Ltd (ASX: MMR) invests in companies exploring oil, natural gas, gold and uranium.

The company, today on 29 March 2019, updated that it has received a Writ of Summons from Mr. David Breeze and BPH Energy Ltd (“BPH”). The writ is to appear in the Supreme Court of Western Australia and is alleging that the company, along with six other parties has defamed Mr. Breeze and his BPH. As with other claims received from Mr. Breeze and his related entities, the company once again believes these to be baseless, and it will vigorously contest this new claim as it has done with the previous claims. The company shall keep stakeholders apprised of further developments.

Mr. David Breeze and BPH Energy Ltd have filed for specific claims, and these claims are regarding the damages for defamation and associated relief arising from a number of publications that are of and concerning and defamatory of the plaintiffs. Hence the plaintiff has filed for damages, including aggravated damages and special damages.

The plaintiff has sought injunctive relief for restricting the misuse of any confidential information and to restrain any repetition or republication of the defamatory matter and the future publication matter to similar effect. The plaintiff also seeks interest upon damages according to the Supreme Court Act 1935 (WA) and reimbursement of costs incurred.

On the financial performance front, the operating loss for the consolidated entity after tax for the half year ended 31 December 2018 was $719,058 (2017: $392,185). The net assets of the consolidated entity have decreased by $531,441 to $10,023,358 on 31 December 2018. Also, net tangible asset backing per ordinary security for the current period was 2.97 cents per share as compared to the 11.1 cents per share for the previous corresponding period. The consolidated loss from ordinary activities before tax as a percentage of revenue was 1239.77% and the consolidated net loss from ordinary operations after tax attributable to members as a percentage of equity (similarly attributable) at the end of the period was 2.34%.

The revenues from ordinary activities were registered at $A54,000, up 34% from the previous corresponding period. The consolidated entity had a working capital deficit of $1,032,164 at 31 December 2018 (30 June 2018 deficit of $833,666). The Directors’ recommend that no dividend to be paid in respect of the current period and no dividends have been paid or declared since the commencement of the period.

On the price-performance front, the stock has posted a YTD return of -38.46%. The company also has posted returns of -50% and -33.33% over the past six and three months, respectively. At the time of writing, i.e. on 29th March 2019 AEST 2:20 PM, the stock of the company was trading at a price of A$0.008, with a market capitalisation of ~A$2.73 million. It had a 52-week high price of $0.024, with an average volume of 132,427.


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