[Disc: Accumulating post cap raise]

@thunderhead I've been following MME for a while and I don't think I agree with the sentiment in your recent straw:

Whatever brownie points management scored with investors (myself included) in scaling up the business and communicating well with shareholders has been more than undone by their terrible recent decisions, chiefly the ill-designed, highly dilutive capital raising conducted at 50c with the market price languishing well beneath immediately after the announcement. The slide has continued unabated since.

In order to continue growing the business they had to raise equity to underwrite further access to funding. The share price at the time they needed to execute this is unfortunate but outside their control, and I imagine they had to balance not waiting too long and potentially stalling the business, against pulling the trigger too early with sufficient headroom in existing facilities which would equally raise eyebrows i.e. seems a damned if you do damned if you don't kinda situation to me. There was probably also some desire to lock in some interest rate certainty to help manage their product margins.

There are genuine macro concerns driving sentiment and further suppressing the share price, but to my mind the sell off is way overdone given the various business KPIs. Time will tell, but given my risk tolerance I think at these levels the upside looks attractive.