As you may know, a special General Meeting has been called for June 23.
This meeting has been convened at the behest of Melbana Energy - MAY under section 249D
At this meeting, resolutions proposed by MAY to consider and remove our current directors and consider and install MAY selected persons if appropriate.
This special meeting follows on the heels of an unsuccessful and aborted attempt by MAY for a MEL takeover @ 4 cents a share
Lets make the hypothetical presumption, that MAY is successful in the removal and MEL board is in the hands of MAY friendly directors
Currently MEL cap is 390M. MAY share 108M
Under ASX ruling 7.1, a company can place 15% of its cap without shareholder approval
Under a MAY friendly MEL board, a 15% raising will no doubt be placed with MAY friendly entities
A series of placements and on market purchase may result in MAY plus friendly entities having a 50% plus holding in MEL, thus having control and being able to force a compulsory acquisition of all outstanding shares and succeed in their take over bid
Whilst this is hypothetical and may not occur, this is not a time for complacency and we need to vote against these resolutions to protect out share investments
I have no links to the board and have been a long time shareholder and hold just over 400K of MEL
MEL Price at posting:
2.3¢ Sentiment: Hold Disclosure: Held
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