I'm honestly not sure what you are both expecting. KBC had a reputation as an entity looking to take over cash boxes, but have shown to be a good partner over many years for MEL. Until recent times they only ever sold down to balance their portfolio. It seems at the moment that they have gotten themselves into a bit of a tight financial situation and require more liquidity, hence the sell down of their share holding. I personally thought the options as part of the loan deal were borderline excessive, but on paper the loan conditions were quite good for the quantum of the facility relative to the size of MEL. In the end, if a financier is to benefit it might as well be one who has supported the company.
What has been posted tonight is borderline defamatory. Phil has taken very little salary and has purchased a lot on market. The suggestion that he and Ken would rather KBC make money over shareholders is fanciful.
MEL Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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