I agree the deal looks hopeless in its present form . Market has given it a big thumbs down today .
Their only hope would be if they get a drilling commitment for Beehive on Oct 2 , however the defeating condition that MAY shareholders have to approve that Purcell can use his MEL shares to get to 50.1 % of the MEL TO would probably be defeated as the MAY price would have jumped if Beehive is a go .
Could be more to the story yet , but to accept the deal as it is before Oct 3 would be lunacy .
After reading the Perth Presentation I am still convinced that the best result for shareholders is for MEL to distribute the major part of their BYE holdings as an in specie distribution to its shareholders .
MEL Price at posting:
4.8¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)