mlm or mte; am i missing something?

i like both the MLM and MTE stories and have recently significantly topped up my MLM holdings (via MLMR on-market buys).

currently you can buy 1x MLM share on-market for 43c and/or you can buy 1x MTE share for 71c.

ignoring the current MLM rights issue, there are currently 117M MLM shares issued. MLM currently hold 80M MTE shares (circa 45% of MTE issued capital). therefore each MLM share effectively holds 0.68 of an MTE share (as well as 1/117M of all of MLM operations as well as MLM's holdings in CBX, PMQ and ORM. oh yes, and $4.3M cash too!).

why, as a medium-term or long-term shareholder, would you buy MTE for 71cps when you can buy MLM for 43cps (which effectively equals 1x MTE share for 63c and 1/117M of the rest of MLM's enterprise ops and corporate holdings for free)?

or am i missing something?

K

p.s. as a result of the current MLMR rights offer there will be circa 12M new MLM shares issued (and 23M PMQ shares forfeited) which will dilute the current value of MLM shares but there will also be an additional $5M cash received to balance out the deal ...