So KBC got a ticket from ASX on Friday and have been suspended. Something about their half year accounts. IMO anything that keeps KBC's attention off of MEL is a good thing.
Clearly MEL either needs a new lender or some form of pre-payment agreement to advance Odin. Having more time to negotiate these options is to MEL's advantage. Being forced to re-finance or cap. raise on the run would have been tough.
It looks like MEL is covering its overheads and banking a small operating profit each month on the back of Odin-1. (before exploration costs) Every month that MEL can continue to do this improves their credibility with potential financiers.
I would appreciate an update from MEL like I am sure most SH's would however, in this case, I am happy there is no update that KBC have commenced proceedings.
While MEL is in the doldrums right now some extra time may be what they need to get their house in order.
MEL Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
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