Apologies for the monologue that I've had going on lately. Thought it might be a good time to revisit the asset backing per share of MEL.
At the end of last quarter the company had $14.9 million of cash and convertible notes. I don't expect this to have changed much.
They also had 37,897,000 shares in Byron which at the time of typing were valued at 27 cents each - or $10,232,190 (a gain of ($7,579,400).
There were also 10 million options in Byron at 25 cents exercise price.
With 398,464,823 shares outstanding this gives us 3.7 cps of cash, 2.6 cps of Byron investment and a sub tenth of a cent gain for the Byron options (the 2 cent gain on the 25 cent exercise price if exercised now - equal to $200k).
Essentially that is an asset backing of 6.3 cps.
Every 1 cent rise in the Byron shareprice should equate to just under 0.1 cps increase in value for MEL. i.e BYE at 30cps should see MEL at 6.6cps. BYE at 40cps should see MEL at 7.6cps.
MEL Price at posting:
6.2¢ Sentiment: Hold Disclosure: Held
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