Yes, Somers bought from an unrelated party. The cos on pages 6-9...

Yes, Somers bought from an unrelated party. The cos on pages 6-9 of the notice were all associatesof Somers, i.e. through which Somers is deemed to have a"relevant interest” in the MME shares. The announcement this arvo fromPerennial answers my earlier question: it was Perennial that sold 20.9mMME shares to Somers etc on 18/4, at 7.0c. Its notice showed that variousfunds managed by Perennial reduced by a net total of 22.67m MME shares since 23May 2023, of which over 90% happened last week. Perennial had increased from 7.2% to 11.34% in MME’s big placementat 8.0c in May 2023: it took up 67m shares then, so it won’t have lost much onthe recent sale.

On 8 March MME doubled the size of one of its funding vehicleswhich also allowed it to “release just over $10m of unrestricted cash into thebusiness”. Unrestricted cash was $15m at 31/12/23. The creation of $10m more UR cash is very useful,but I don’t know whether that is enough to enable MME to meet all its expansionplans.

I agree with your comments about dilution. The emergency shareissue in May 2023 at 8 cents would have been very painful for those who were dilutedso much, including execs. MME would be extremely reluctant to raise more equityat the current price, but it doesn’t appear to need to do this- yet.

Not advice. DYOR.