Very hard to imagine they would dump their strategic holding at year low prices . They would know that 4 successful wells in a row and a flow of Announcements with potentially information that could materially lift the share price would give them opportunities to exit at a better price if they are patient . I am not sure why they are doing what they are doing but doubt they are leaving the building .
We are seeing plenty of buying support though . Be interesting if we see some buy side significant holding Announcements soon .
If they don't take up any rights and the 4 c options and the 3.1 c options get converted their percentage holding and their power to influence will drop considerably .
MEL Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
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