meo nearly down to cash backing. 0.75 ratio of merger means buying meo at these prices remains money for jam.
post merger there will be 1 billion units and $32m in cash plus meo assests plus nen asset
post merger new company will have a cash backing of $0.032c plus meo assets (which includes TS, breakwater 0.75tcf/ drill in 2015, promenade multi-tcf, beehive @ 1 billion bbls, NZ Douglas 40m bbls plus NEON WA 503 40m bbls with 3d acquisition completed early 2015. Plus massive reduction in corporate overheads, mixed board and a new CEO.
as per the start of my post - meo is very good buying at these prices. market sentiment and oil prices will change because it always does.
imho merger will happen unless meo shareholders vote it down. essentially, meo shareholders will have their shareholding watered down by 25% (i.e. 750m to billion ordinary shares). No brainer. The other mob don't have the numbers to stop the merger.
I continue to buy as much as I can whenever I can!
Adl
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