Good afternoon MEL Holders,
Well, a little while ago I said I was getting out of this mess, as I couldn't handle the countless nights spent laying in bed, adding up the difference between what might have happened and what did happen - what was put in and what was lost. But then I thought about it, for just a fraction longer, and realised that selling out at 5 cents and moving on was based more on emotion than sense, and the only way of getting any kind of result from MEL was to wait it out. So, I took a little holiday (not that I could really afford it, but I had to get away for a bit). Now, I am back, and I am just as curious about this company now as when I first bought in...
Now, this company and its long-suffering shareholders are craving some good news. MEL needs something to spark interest again, and one can only hope that there is a PROPER effort going on behind closed doors to find new investment opportunities. Now, I did read that the board had 6 months to find a new acquisition/merger, and, if that is the case, I would bet my last penny that we will have to wait until the 11th hour before getting some information flowing. Sure, I would love to get the best deal out there, but I would be just as happy to know that the board is capable of leading us out of the darkness. Now, I know management can't simply report on their efforts to seek new opportunities without anything concrete, as the release would simply state: "Management continues to seek new opportunities...", but we really have no idea what the board is looking into, or if they have even started looking! I mean, how are we going? What are these great opportunities in oil and gas that supposedly exist? Which companies are so distressed with the price of oil that they are looking for a cash-backed white knight (MEL) to come in and rescue them, and, with this being the case, what happens if the price of oil recovers enough in the next four months for those companies to be able to hang on? If no great options pop up, is the board likely to jump on something right at the end, in the hope of keeping their jobs? If we don't agree, does the company get wound down and divided between the shareholders? I know everything about this situation has to happen behind closed doors, as the company can't just make speculative announcements or present sensitive information, but this is the first time I have truly had no idea what on earth is happening with a company.
Now, forgive me for that rant. I know patience is needed in situations like this. Things take time. I get that. But I just think that so many long-term holders need a result... The situation, for some, is that desperate. There is still plenty of time to find something, and if the right opportunity comes along, the share price could double on news alone, but the burn marks are still etched into the skin...
I am hoping for something...
Rant over. Not trying to drag the company down. I am in deep. This company, for whatever it is, holds my rise or fall. If you have something to say, feel free to let me have it...
Good luck to all.
AP
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