The appointment of Brian Tobin on the Board of CMK, and it was not an election on the Board, who is to elect whom here, is a sign that Marret is getting ready to run the show with its people on the Board who have an idea or two about mineral production, be it iron ore , coal or any other resource. Brian Tobin is not on CMK Board to serve the interests of the current shareholders, save an offtake agreement, or joint venture with another outfit and him being an observer. But I would doubt he would only be an observer; he would have full voting powers which means in common lingo, Marret must own shares of CMK and not be simply Bond holders. Bond holders don't usually have voting powers on Boards unless it's explicitly agreed upon the issuance of the bonds, and I am not aware of such agreement between CMK and Marret bondholders. In which case, in order Marret to have voting rights on the CMK board, they must be themselves share holders and for them to be shareholders they must convert their bonds into equity which furthermore it means dillution and the Marret Plan coming into effect.So it's the logical sequence that leads there and I suspect the reason Tobin was appointed and not elected on the board, was to give CMK some credibility where none exists vis-a-vis any prospective end users and also to secure financing through Tobin's contacts in the markets. So, expect dilution gentlemen and not sale of the company as I said from the start.
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