It will be very interesting to see who has taken up this additional placement. It says on this release there are 2 holders participating, hopefully Glennon is one. It is interesting reading up on comments from 2021 when Glennon first became a substantial shareholder. Since then they have stuck with MEL and continued to invest.
The cost base on their current holdings in MEL (216 million shares) is $3.28m and then they hold the additonal $2m debt. Both @Fatporka and @xdect12 highlighted this on Glennons last substantial holders announcement. Glennon would have run all the scenarios around MEL and would do so with better information than any of us. Going off their continued equity investment in MEL they have decided that the best way to protect their investment is to support MEL.
MEL Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
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