In reading the subject Melior announcement I noted......"The...

In reading the subject Melior announcement I noted......"The required shareholder approval thresholds were met to pass the Arrangement Resolution, with the Arrangement being approved by (i) approximately 100% of the votes cast by Shareholders present in person or represented by proxy at the Meeting......."

The fact that 100% of Melior shareholders approved the proposed merger with Metallica made me wonder if they thought they were onto a really great thing in their favour.

I also noted that ....."Under the Arrangement, all of the issued and outstanding common shares of Melior (the “Melior Shares”) will be acquired by Metallica in exchange for Metallica ordinary shares at an exchange ratio of twenty (20) Metallica shares for every one (1) Melior Share." ...That sounds like a deal that had been dropped from Heaven.

Share number comparisons can be rather misleading which prompted me to look up Melior's Market Capital on the Toronto Exchange which turned out to be C$12.90M (1 A$ =0.96 C$). The ASX tells me that MLM's Market Capital is about the same at A$12M.

Melior in its March 2018 Quarterly Report (last report issued) forecasts a Q3 negative balance of (C$(-0.5M)) while MLM has reported a Q3 positive balance of A$5.2M.

I suspect the future of bauxite from the Gulf is a little more certain than Ilmenite from the Centre and this coupled with the additional assets that MLM brings to the proposed merger makes me wonder (fancifully?) if the 64/36 percentage result proposed is wrongly skewed? Perhaps the tabling of the "Independent Expert" Report might allay any fears?

Sad to be negative but the performance of the MLM Board in recent times does not fill one with confidence. The proposed doubling of directors to six for a very small cap company also makes one wonder if in the proposed merger SHs best interests are to the fore.

It would be great to hear what others think.