Ann: MAY: Bidder's Statement, page-4

So the 6th of September was the last practicable date to determine the 'premium' offered, but they still had time to reference the Perth Basin deal that was announced on the 9th....talk about picking your numbers.

The independent expert has given a value of 4.4 to 5.5 cents for MEL, yet MAY are claiming that the MEL share price will likely fall if the offer is rejected....The BYE shareprice was 36.5c on the 6th, giving the MEL holding a value of approximately 18.25m or 4.7cps. Add in cash, the Cooper and now Perth Basin and it makes you wonder if the independent expert had a button jammed on the calculator in order to get their low range number.

Absolute joke of an 'offer'. Pretty clear that they're just wanting to grab the BYE shares imho. Hopefully BYE's secondary target knocks it out of the park later this week/early next! What a waste of our money.