takeover invitation

I wonder if MEL management want to sell the company?

Seems to me that their proposed sale of 50% of PEL16 to fund further development is not really essential given they have heaps of exploration options, plenty of cash for now and surely plenty of punters willing to back successful exploration like KF. Mackellar looks really exciting too. Proving up resources could be a better option than developing existing resources although I can see their temptation for cashflow.

Opening the doors to potential partners in PEL16 is providing them the perfect opportunity to check things out with a view to buying the company as a whole.

However, I'm not sure how can MEL sell something at a good price when they don't yet know the significance of what they've got? Hopefully they an find a partner like ORG did to pay way over the odds. Alternatively a takeover battle would suit me cos any competition could see MEL over $1.50 easliy - IMO.

Remember the market pricing PES at around $2 before being taken out at something stupid like $8 in the heat of battle.

Giddy up...