A placement would need to have been at a much deeper discount to...

A placement would need to have been at a much deeper discount to the market than this credit raise .

This company is too small and illiquid to attract anything other than short term traders in a placement .
After the business has de risked and has revenue then may be institutions with a longer term perspective would invest .

We should not be trading at our year low after four successful drills in succession .
A huge winter price spike for east coast gas to make gas consumers wake up to what could happen in a couple of years time as old fields deplete .

A lot of Announcements that could be catalysts coming next few months .
Does not make much sense to me to be selling at 2.3 cents unless you wanted to buy a LOT of shares in the shortfall .

Obviously a large holder as the way they sold in big parcels .
A big holder that wants to get bigger .

The MAY share price is the same as ours today .
The 4 for 1 dilution they suffered was not a good deal for the MAY share holders except for the now executive chairman . who sold down his MAY shareholding recently .
I think it is most unlikely that MAY would invest another 900k+ in MEL shares to take up their rights .
The MAY shareholders might riot , lol .

So at least those shares will be in the shortfall .
I will take up my entitlement and a good bite at the shortfall too .

Hope they have some good news before the offer closes .
Doubt they would have extended it if the news was bad .

If you really want to see how a capital raising can go off the rails look what has happened at BRU .
A placement at 25% below the market now trading 10% below the raise price in the middle of drilling the most exciting two prospects in the life of the company .
An absolute shambles .

I think that MEL has taken the best course of action for its share holders .
I hope share holders can see through what is going on and back the management if they can .
Don't let the risk averse flippers get the shares