This is the best possible outcome for MEL @boysy1 MEL has tried,...

This is the best possible outcome for MEL @boysy1 MEL has tried, and failed to raise fresh equity or debt. The only alternatives were administration or this. Do you really think that MEL would succeed in raising $1m at any price in the equity markets. I said to you at the beginning of the month

How's this for a theory @boysy1 Glennon have taken control of MEL and are trying keep it alive long enough to break even and then wait to see what happens with the JV.

That is exactly what is happening now. Glennon have taken control of MEL and VEN is merging (god knows why with GLL). Now MEL has the cash to complete/connect O-2 and remediate O-1. IMO Glennon will nurse MEL though to breakeven now which is where we always needed to get to,

I would take this move over administration any day. Glennon (with an overall exposure to MEL of $6m) is now our ride or die, lets hope the connection and remediation lets MEL turn the corner.