MEL got the money, page-9

Yes Buddy I calculated a $1.3M difference and was similarly surprised. How did they spend $1.3M so quickly? And I'm surprised most people think we will benefit to the tune of $25M via the Govt. payout. As MEL has already admitted, that money is taxable, and I don't know what the tax rate will be, but if it is around 30% then we are effectively only receiving about $18M after tax. Yes the tax liability can probably be offset by our accumulated losses, but it still means our net "worth" decreases by the taxable amount ($8M?), whether we pay the tax now or lose the equivalent amount of accumulated loss offsets. Happy to be corrected if I am wrong (please let me be wrong )

I was also a little disturbed to see directors buying on market this week. Correct me if I'm wrong, but isn't it the directors who are going to decide the share buyback terms? So if I switch to cynical mode they could set the buyback at company backing (around 7c) having purchased at 5.6c, yes? Don't get me wrong, I am all for directors buying on-market, however, I have no doubt they have some idea of the buyback terms (information we punters don't yet have) and therefore should stay out of the market until those terms are announced. After that, go for your lives and buy on-market directors.

It's sickening having to realise some of my $300k loss (yes dollars, not shares), but I feel I have no alternative to sell given the current untalented board and management (no more ELKs please!).