The Board has discussed a wide range of ways to grow the company and to narrow the discount between the share price and NTA. Both of these issues are important for shareholders. While I believe that share investments such as MA1 should be taken with a 7 plus year view, I also understand that the liquidity of listed investments is important for many investors. So a share price trading at or close to NTA is desirable.

The size of the company is also important. There are quite predictable fixed costs in a company such as MA1. By growing the company, investors get the benefit of scale, meaning lower costs for all shareholders as the company grows. A larger company is also, due to the greater number of shares on issue, be traded more frequently. A larger company, lower pro rata costs and with more frequent trading is likely to trade at a smaller discount to NTA and offer both buyers and sellers more liquidity. This is a real benefit to current and future shareholders.

Paul Clitheroe


To view current MA1 share price and ASX Announcements Click here

Options Prospectus

To download the Options Prospectus Click Here

Key Dates – Loyalty Options 

Lodgement of Prospectus25 October 2018
Notice sent to Options Holders24 October 2018
Shares quoted on an ex-Bonus Option entitlements basis and Bonus Options quoted on a deferred settlement basis15 November 2018
Record Date for Bonus Options16 November 2018
Issue Date19 November 2018
End of Bonus Options trading on a deferred settlement basis19 November 2018
Prospectus and Statement sent to Shareholders20 November 2018
Normal trading in Bonus Options (and exercised, Loyalty Options)20 November 2018
Bonus Options Expire15 May 2020
Loyalty Options Expire15 December 2021

Shareholder Enquiries

For Shareholder enquiries, please contact the Share Registry Boardroom Limited on Ph: 1300 767 760 (in Australia) or Ph: + 61 2 9290 9600 (International) or by email at

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