Management made the right decisions for long term holders. See it many times, a good company pricing the SPP cheaply to give more shares to shareholders, and see the SP grows to 20-bagger.
For day traders and very short-term investors this is indeed bad news.
MEL could have easily gone to PetroChina and ask for 40cps. But, PC will benefit at the expense of ordinary Australian investors. Management wants Australian to reap maximum benefit from an Australian asset.
big thumbs down, page-22
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