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On Friday the creditors of MIG (in administration) agreed to sell the migme social media business to interests associated with Steven Goh for $A300k. Migme Ltd will be recapitalised with an injection of funds, most of which will be paid to creditors, that will dilute existing shareholders to about 5% equity. At that point Migme Ltd will be an empty shell. It has emerged during the administration that parties associated with MIG paid $A1.08 million (($US800k) to TNEN to make the deal work. All of that money is gone and never to return - they were well and truly suckered!!
The TNEN/Migme deal is off....
https://hotcopper.com.au/threads/real-face-of-steven-goh.3849737/page-59?post_id=33046204#.WvWW24iFPIU
Apologies everyone, it's not MOMO but rather mimopay of Indonesia that is mooted to be included in the roll up...
https://www.mimopay.com/en#home
MOMO of Vietnam - I am wondering whether this is the same MOMO that Andi Zain is involved with and which has been mooted as part of the migme/Kryptonite/TNEN roll up.
https://techcrunch.com/2016/03/17/momo-a-mobile-payment-firm-in-vietnam-lands-28m-led-by-standard-chartered-bank/
Steven Goh has posted on hotcopper. Not long to wait now....
https://hotcopper.com.au/threads/mig-update.4139980/?post_id=32527759
What does yellow mean in that candlestick chart?
No, not all over, just my way of saying this is taking much longer than expected.
Three more years......
Who knows? Deals take as long as they take
That is what I am hearing
Three more weeks......
I have heard a rumour that Migme shareholders will hold 18% of TNEN after the reverse merger. That would leave 82% for existing TNEN shareholders and new investors.
A telling question was asked of Steven Goh on the MIG forum on Hotcopper last Friday....
"Steven, does your appointment to the Board of True North Energy (OTC: TNEN) bear any relationship to what you might be updating us with later this month?"
https://hotcopper.com.au/threads/real-face-of-steven-goh.3849737/page-37?post_id=30776479#.WnhFL6iWbIU
https://hotcopper.com.au/threads/real-face-of-steven-goh.3849737/page-30?post_id=30564403#.WnhGC6iWbIU
He has not yet provided an answer.
What does TNEN have ? Anything? I thought it was just a shell?
If that's the case then what wouldn't be a good fit?
As Steven Goh (aka crazygrape123) said on Hotcopper a week ago....
"I think February is likely a big month for everyone"
https://hotcopper.com.au/threads/real-face-of-steven-goh.3849737/page-30?post_id=30564403#.WnKym6iWbIU
This train is about to leave the station
Steven Goh is the CEO of migme and he is going onto the board of TNEN. The suggestion from some quarters is that his appointment will be part of migme merging with TNEN/Kryptonite. I don't know much about Kryptonite but they are said to have a social media presence in south Korea. So, migme, which has a strong social media user base in Indonesia as well as Nepal, Malaysia and The Philippines, could be a good fit with Kryptonite in forming a pan-Asian social media business outside China. Mimopay of Indonesia is run by Andy Zain who was on the migme board.
Does anyone here have an thoughts on whether Mimopay of Indonesia is still in the mix? The payment gateway, Mimopay, is the creation of former chairman of Migme Ltd, Andy Zain.
There is not much information available on Kryptonite Korea Ltd except for their 1-page website....
http://kryptonite.co.kr/
I've emailed requesting other website URLs but no reply yet.
Hopefully blockchain is not a major part of their business. A strong social media presence in Korea (maybe Kim Jong Un follows them!!) that can be combined with MIG's 35 million user to create a pan-Asian social media business is what I am looking for.
Interesting that South Korea has moved to ban Bitcoin....
https://www.reuters.com/article/uk-southkorea-bitcoin/south-korea-plans-to-ban-cryptocurrency-trading-rattles-market-idUSKBN1F002A
LFS, are you intimating that there is a corporate connection between TNEN and SPCL and that an ultimate merger of them could be the grand scheme of things?
Thanks for that LFS.
I WAS missing something!!
Hey, LFS am I missing something here?!!
I know MIG were talking to TNEN but they seem to have been overlooked in preference to Kryptonite.
Agreed Nascarrat, not long to wait now.
TNEN are currently attempting to get away a convertible note issue.
The notes will mature next April at 2.7c per share including capitalised interest....
"On April 30, 2018, or such earlier date as the Company may at its absolute discretion determine (the “Conversion Date”) the unpaid Principal balance of this Promissory Note, together with all accrued interest (if any), shall automatically, and without any required action by Holder, convert into [x,xxx,xxx being 367,890 shares per $10,000 note] shares of common stock (the “Shares” and the “Common Stock”) of the Company (the “Conversion”)"
If the deal goes ahead then you will find out more then.
Migme tried to do a deal with SPCL but that fell through.
TNEN is now in their sights.
TNEN are well advanced in discussions with Migme Ltd (ASX:MIG) and Mimopay of Indonesia about a merger with a view to eventual nasdaq listing.
Don't believe them if they don't say it's delicious.
Its official, Vegemite saves the world!!!
https://thewest.com.au/news/health/vegemite-could-help-prevent-premature-births-and-birth-defects-ng-b88563815z
SPCL/MIG deal is officially dead....
http://www.asx.com.au/asxpdf/20170810/pdf/43l9mzs4jbxl4w.pdf
MIG's active users increased to 39 million as at 31 March 2017....
http://www.asx.com.au/asxpdf/20170810/pdf/43l9mxybmk1z3c.pdf
Can someone please forward THIS message to Steven Goh....
Patience my good man. Announcements by MIG this week.
Deal is off.
Apparently MIG has signed another deal with another party. Announcements are expected this week.
Ah, vegemite sandwiches from the land down under....one of the world's delicacies!!
OZ is OZtralia (Australia)!!
Its confirmed in OZ that the deal is off.
But the reason given is that SPCL "dropped the ball".
Migme has some accumulated trade creditors and convertible notes of about $860K - nothing that was not manageable in the context of a nasdaq listing.
Migme will be making some announcements this coming week that may provide clarity.
Hmmm, you're sounding a bit Irish there WE33. The Queen is cool and has only a titular role here. Guy Fawkes....just a malcontent.
And I am not too sure about your take on Australian history and independence which happened on 1 January 1901. As it was, independence without war. That is also the history of all other British colonies eg New Zealand, Canada, India and throughout Africa, and its what would have happened in the USA as well in the fullness of time anyway.
I will leave you with this (controversial) thought...the American War of Independence was British against British.
To all you blokes over there, over the water, have a great Independence Day!!
Foxconn still has Charles Pan on the Migme Ltd board as their representative.
There are no preferred shares in MIG. In fact, I can't recall ever seeing a listed Australian company with someone controlling the vote through preferred stock. Here its always one-share one-vote.
It will be interesting to see what the shareholders of MIG, who have to vote on this deal, think of Kleinman's manoeuvre. It will not sit well with some of them, for sure. It may not sit well with Goh.