www.farmonline.com.au
Metgasco deal divides shareholders.
Founder of Mel, Glenda Mclaughlin Voted No. Acknowledges that a lot of mum and dad investors, invested their money in good faith and have lost a lot of money.
No doubt, the State Govt would have pushed the directors of Mel to encourage the yes vote, because they would not provide police protection, if they resumed drilling and that the 25 million is not negotiable and will lapse. The current board had no choice. What the State Govt fails to realise is that Mel has no other assets, and it cost Mel $3million just for cancellation of drilling rig for Rosella well, plus now the cost of rehabilitation of some wells to exit the NR. They will have very little money left to do anything. They probably based the offer of 25 million on current market cap, but that is wrong, because Mel was at record lows because of suspension and uncertainty of its future. They probably think their offer was generous.
We were all robbed by the NSW State Govt.
Bargain Buy for NSW Govt, page-15
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