MEL had no friends left and not much money. We were asset rich but cash poor. Management was desperate and got sucked in with low ball offer. And now nothing can be undone it's too late. If ONLY they had stuck to their guns, because the State Govt screwed MEL, bigtime. They valued Mels market cap at time of offer , which was depressed because of suspension and uncertain future. Their reserves were counted as zero value, which is wrong. This upsets me even more than losing all my retirement money, as there was no justice. Mels long suffering shareholders deserved better.
Can't see the State Govt been open to any gas exploration in NSW, any time soon. They are proud of themselves for buying back all PELS in NSW, but were to chicken to take on STO!
MEL Price at posting:
5.8¢ Sentiment: None Disclosure: Not Held
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