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No wonder companies place with sophisticated investors and get it over with. All this agonising over one or two cents and speculation about conspiracy theories. No one is happy with an excellent offer to take up shares and share the risk and reward of the upcoming wells.
Remember that MEO are self funding Gurame and keeping this in house sso could be a huge winner.
As for dilution, that's rubbish. Shares are being issued for cash equivalent today. If the price goes up they will share in the rewards they are funding just as the rest of us will.
If it goes down they will loose their immediate investment just as the rest of us will.
No doubt bigger investors are sitting on the sidelines hoping for some of the shortfall.
Personally I think that with 4 wells ahead of us, we will get a company maker here. Therefore anyone not taking up their entitlement is letting themselves and the company down.
Cheers all,