Yes I have both too but a much larger holding in BYE . I bought into MEL because of its leverage to SM54 and thought I had lost a good bit of my investment .However I have averaged down after MEL developed the discount to its BYE holding and am back in the Green today . Yes you were right with your 5 cent call .
You very well could also be right with your call that MEL could do better than BYE but it is a much riskier play and not many of the late arrival micro caps in the Cooper or the other QLD Basins or the Perth Basin ( until just recently ) have done very well . Unfortunately they will not be able to hold on to many of their BYE shares as time goes on . Still think that there is more to play out with the TO , doubt that they would go to the trouble and expense to bid if they did not have a plan .However the present deal has Buckley's .
MEL Price at posting:
5.0¢ Sentiment: Hold Disclosure: Held
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