Would love to see some meeting minutes to see if there has been any argument. Henderson clearly didn't like the forward direction. A 2.5c distribution would leave us with cash to fund one small project. Current cash levels would be very useful to a MEO sized operation with multiple projects/objectives (Cuban oil, Tassie Shoals, NZ oil). On top of that an 18+% holding would generally be sufficient to block a motion at an EGM and would generally allow for the holder to pursue a board seat.
Having said all that - if MEO were planning a T/O or JV, or MEL were contemplating a deal, then the bulk purchasing of MEL shares would be verge on being insider trading - and I can't see anyone involved being that stupid.
Guess we'll find out on or before the 12th of September.
MEL Price at posting:
6.3¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)