Ann: Two Wells Online as Vali-3 Commences Gas Production, page-68

I understand your frustration mate. Only thing I can say is that MEL has no control on the number of shares KBC owns or trades. They are the same as other shareholders.

This is what happens when you climb into bed with the devil and don't have a normal CR that only involves current share holders. Though, the latter has its own risks of failing to make the CR value and what message that could send to the market.

Mind you, MEL could have saved on the options and the SP would have been higher.

Hindsight is such a wonderful thing.