That's a fair call. I'm not sure that any shortfall will be massive though. 50 participants at 30k is all that's needed...and you'd think a good chunk of the larger holders and directors will participate. Even if they did place at 0.04, what is the benefit to a retail holder of holding off participating? You'd assume the placement participant would want to flip at a profit, so the likelihood of getting a meaningful chunk below 0.05 is fairly low...and then you've got transaction costs.
Ann: MEL Investor Presentation June 2024, page-29
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