Thanks to all for their collective expertise.
In my view, as a share market professional and a LONG term holder of MEL, the board should distribute the entirety of the BYE shares to shareholders and let the market decide what the remaining bits of MEL are worth.
Going forward, only MEL's corporate activity would influence the share price and thus any potential CR could be judged purely on the merits of the proposed projects.
Byron discovery, page-10
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