Ann: Commencement of Strategic Business Review, page-11

While MEL is conducting it's Strategic Business Review I'm wondering what the other JV partners are thinking and whether they are buyers or sellers themselves. MEL's 25% wouldn't be as attractive as 50% or even 100% of the project.

VEN isn't in a position to buy MEL's 25% but could they be a possible seller? Take an early exit on the JV to focus on their other assets? If PAC/MEL can get better than MEL's current MC for 25% VEN could be looking at a $14m+ plus payout.

It was pretty clear from Bridgeports Reserves and Resources statement they don't think much of their 25%. Not a buyer but possibly a seller?



I'm hopeful that PAC Partners are thinking that the whole JV may be worth more than the sum of its indvidual parts and have contacted Bridgeport and VEN.