Ann: Letter to Shareholders, page-14

The price was holding at 18c because of APAC / MUFG's accumulation (see sub holder notices). I expect because they want enough votes to sway the meeting. They appear to have stopped accumulating (no more sub holder notices), and the share price has come back down.

As far as I can see, APAC can only benefit from this transaction if the share price rises, or potentially as a downstream commodities trader or potential purchaser of MLX's minerals securing supply. I don't see how either of these scenarios is problematic for retail holders, other than that this excitement would be very distracting for management.

Generally, I'd prefer management be left alone to focus on their job - but they've had a few years and keep raising fresh capital and have not delivered promised results. My patience (and funds) are not limitless.