Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • MEC Resources (MMR) has had to quell rumours amongst its shareholders after learning about a misleading and anonymous letter that’s being circulated
  • “Were you told in July that MEC will be looking to divest its oil & gas assets?” the letter supposedly read
  • The letter was most likely in referral to MEC’s majority control over unlisted energy explorer Advent Energy — which by ownership controls multiple offshore developments around Australia
  • MEC has since investigated the letter with Advent, with no new developments, and urged investors to discard the misleading question
  • Shares in MEC Resources are trading much higher today by 25 per cent for 0.5 cents each

“Were you told in July that MEC will be looking to divest its oil & gas assets?”

an anonymous letter sent to company shareholders

Mec Resources (MMR) has issued a statement to its shareholders after an anonymous and “misleading” letter was sent to its investors.

The energy and resources investor confirmed the letter today, having to issue a statement to combat the rumours.

Reportedly, the anonymous letter to MEC holders asked if the company had made any comments on divesting its investments this year.

“Were you told in July that MEC will be looking to divest its oil & gas assets?” the letter supposedly read.

In response, MEC said the statement was misleading and urged shareholders to continue only making decisions based on factual and confirmed information.

The anonymous letter was reportedly distributed before MEC’s last annual general meeting in late November, and after a new appointment to the board of Advent Energy — an unlisted energy explorer which MEC holds 53 per cent interest in.

Since MEC holds controlling interest in Advent, it also has control over Advent’s wholly owned divisions, Onshore Energy and Asset Energy. Both Onshore and Asset are direct holders over energy developments off the coast of WA, Sydney, and the Northern Territory.

MEC management reiterated today the company holds no personal representatives on the board of Advent.

The company has since made enquiries to the board of Advent on the anonymous letter, but no further developments were revealed.

“If you have any concerns about this point please contact the company,” MEC Resources stated on Tuesday.

Shares in MEC Resources are trading much higher today by 25 per cent for 0.5 cents each.

MMR by the numbers
More From The Market Herald
State Gas (ASX:GAS) - Executive Chairman, Richard Cottee

" State Gas (ASX:GAS) begins production testing at Serocold-1

State Gas (GAS) has commenced a production test at the Serocold-1 well in central Queensland.

" Metagasco (ASX:MEL) signs Vali gas sales agreement with AGL

Metgasco (MEL) has signed an agreement for the sale of all gas produced from the Vali Field.
FAR Limited (ASX:FAR) - Managing Director, Catherine Norman

" Far’s (ASX:FAR) Bambo-1 well drilling costs blow-out

FAR (FAR) expects the final cost of drilling the Bambo-1 well will increase by
Strike Energy (ASX:STX) - Managing Director & CEO, Stuart Nicholls

" Strike Energy (ASX:STX) and Talon Energy (ASX:TPD) complete Walyering-5 well appraisal

Strike Energy (STX) and Talon Energy (TPD) have confirmed the presence of high quality, low carbon dioxide (CO2) gas at the Walyering gas