Hi Cara I don't see a TO by MAY as a risk . I think that it unlikely to happen as been talked about above . However MAY hit 1.6 cents when the Announcement was made that Santos / Total were going to do seismic and take up a drilling option . It is likely go higher than that with a decision to drill . A four to one might be too compelling to refuse . Beehive would not be a high COS well but it is POTENTIALLY a very big resource and I think there would be plenty of SP action leading up to the drill . I know what I would do with most of my MAY shares .
Imo the risk of MAY's TO is that it might cause MEL to do something a bit silly to stymie it and of course there is the cost to the company and the unneeded distraction to management and BOD in dealing with a TO that probably won't get up .
I think there is plenty to play out yet .
MEL Price at posting:
4.8¢ Sentiment: Hold Disclosure: Held
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