That was exactly the point of my original post. BYE is now all or nothing for MEL.
BYE has a market cap of circa $215 million, while MEL is scraping along at $17 million. And all of MEL's value is due to their direct ownership of BYE shares and options AND the farm-in to BYE's SM74 project. For MEL shareholders, nothing else matters.
So, if SM74 comes in, then happy days for all and BYE should then offer to swap their script for MELs.
If SM 74 is a duster, then MEL is out of cash, out of time and out of options. Someone might have a go at spilling the board (again) but otherwise there is no cash to do anything.
Time to pray to whatever deity rocks your boat that SM74 comes good. As always, GLTAH.
MEL Price at posting:
4.7¢ Sentiment: Hold Disclosure: Held
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