..don’t think so...AP has swapped his MELs to MAY for about 380m...

..don’t think so...AP has swapped his MELs to MAY for about 380m shares in MAY that will be isnsued in about 10 days...any BYEs...and that isn’t guaranteed are the property of MAY not AP..
What you’ve got to know is MAY originally tried to take over MEL to get hold of the substantial amount of BYE shares MEL own....so at that time MAY needed to complete the TO to get those BYEs..but what MEL in the next chess move did to stop shareholders selling into the MAY offer was to offer to give a large portion of those BYEs over to all shareholders pro rata in the future.
So now MAY no longer needed to take over MEL 100% to get hold of some BYEs...so theoretically now MAY will eventually get if voted thru by MEL shareholders 27% approx of 20m BYEs being the amount MEL were going to give back to shareholders and we are still awaiting a meeting date for the vote.
.....but MEL could change their mind and decide not to distribute any BYEs or reduce the amount to be distributed...MAYs 27% vote may not be enough without other MEL shareholders support to stop that happening.
If that did happen MAY could only sell MELs on market or try and find a large buyer to place the MELs to..

Note. If they did get the BYEs attached they would sell the BYEs seperate to the MELs whos price obviously would drop not having the BYEs attached