Agree with you farahnazi. Probably should have known the deadline couldn't be reached. However, I see no great reason to sell. Good chance to top up actually. AGM will reveal more and hopefully they will be bullish leading to a surge in SP.
It's one more month. It's all about the risk you're prepared to take. Sell off was overdone as expected and starting to rise a little. However, those in for a long time I can understand the frustration.
Maybe im looking for positives but look closely at the announcement and I THINK that the deal is almost set in stone. Why would exec management of a major make arrangements and spend much time and money on DD if it wasn't likely to get board approval?
"The necessary arrangements to deal with this potential outcome were agreed and will facilitate alignment and effective operation of the new joint venture."
It sounds in the announcement (see: above quote) like it's pretty much done but MEO added the last sentence because at the end of the day there is a slight chance it won't happen.
"It is expected that after this (Board) meeting, the preferred Farminee will have the necessary approval to execute binding agreements which will be subject only to Australian regulatory approvals."
I believe FIRB approval is different to Australian reg approval (i.e. ACCC). Therefore, the deal must currently be being reviewed by the FIRB if only Aus approval will be outstanding by board meeting. Is that right? And, if it is, then we can expect FIRB approval prior to mid - December?
MEO Price at posting:
56.0¢ Sentiment: LT Buy Disclosure: Held
