Options for No Camp

I had thought about emailing these thoughts to the nosettlement email address, but thought it best to type them here as I my HC MEL post history is of being supportive of the cause whereas sending an email i might be seen as a troll.


It is very difficult for the NO camp to achieve victory given the circumstances (major shareholders approving, directors recommending and chairman voting undirected proxies). The one hope I had was someone like a STO or AGL hopping on the register and defending both MEL's position and ultimately their own gas projects, which i see as terminal if the YES vote gets through. Sadly, it appears they have failed to come to the rescue.

The NO camp needs 50% of the votes cast. The result is binary - if YES gets up then the battle is over forever. Forever. If NO wins, the battle continues. How badly does the NO camp want victory? If you want the battle to carry on, there is only one other option and that is to buy votes. There is still time. Just. But you need to act swiftly. Including today, you have 16 trading days to get increase your holdings in MEL (9 December is the last trading date for settlement on 14 December, which is the record date for voting). Who knows, you may even end up with some of the major shareholders stock if you offer them enough (ie would they take 7c cash in hand risk free or wait on a vote for the possibility of 7.4c). Obviously you need access to funds and then decide whether it is financially worth the risk. But as previously stated, if YES gets up, the cause is gone forever.

I wish all shareholders the best over the next month. It will be an interesting AGM/EGM to attend. When reading some of these posts, I can feel the pain long term shareholders have suffered both on a financial and emotional level (especially peekake) as a result of the gaming from all sides of politics. It will be a sad day if NO fails, but ultimately the rest of NSW will suffer due to higher perceived sovereign risk. STO/AGL will be next. It is sad that they don't see it at the moment.