Ann: Neon Terminating Merger Implementation Agreement, page-14

This saga is difficult to rationlise from all angles.

Re NEN side, I suppose the rationale is
1. $0.038 is better value than the MEO deal
2. if EVO get 50% of what they don't already own then they have a mandate for their unspecified plan
3. May get an auction process going for alternative mergers eg JKA and others

Re MEO, IMO the NEN deal was a good one for them so is a disapointing result. MEO's assets are fairly speculative and the best thing about them is that they lack committed expenditure. Don't undertsand why they don't reject Mosman outright as they have no assets - the NZ stuff is hillbilly oil. Better off trying to continue with their sails set to reflect the current difficult times.

Trim