I'm with you. I think the reference to a SPP is a last minute change in mind by the board of MEL as a result of the noise from upset shareholders. So far I think it is half baked and they haven't announced the details because they have yet to work them out.
This is reminiscent of BUL who did a SPP under similar circumstances earlier in the year. Having first done a placement, they too announced, at the last minute, a coming SPP without any details. Many shareholders itially sold down their holdings or sold out altogether in order to buy into the SPP. When the details of the SPP were released they were disadvantaged because the eligibility date set was later than the initial announcement of the SPP and later conditions were added. From memory original shareholders had to have remained as shareholders up to a certain target date - which may have been the closing date of the SPP. I was amongst the disadvantaged shareholders. The only saving grace was that the shares, post SPP, have continued to trade below the SPP price so those who missed out can still buy shares at a lower price.
There isn't a Sentiment option for annoyed or disappointed.
MEL Price at posting:
22.0¢ Sentiment: None Disclosure: Held
