NMT could not make a 'selective offer' to buy back Melaid's...

NMT could not make a 'selective offer' to buy back Melaid's shares without convening a meeting to seek shareholder approval. Otherwise under corp law they'd be viewed as playing favourites, so it just won't happen. The rules for on-market buy backs are there to provide a much more transparent method of capital return that every shareholder can benefit from equally.

What NMT could do is encourage Melaid to seek an off market buyer for their block, if indeed they intend to reduce their holding any further (who knows they may be happy to continue holding at this level, and were just rebalancing their portfolio). Management would know all the large shareholders who may be interested in an off market parcel. This would also be better for Melaid than a slow drip-feed sell down, remember it's not in their interest to push the share price down if they are still a seller. Melaid are a sophisticated international investment fund, so they of course already know all this.

IMHO more of the selling pressure is coming from poorly researched holders who don't understand there is much more that NMT intend to achieve this year than confirming their first spod shipment. Much, much more.