baillieu research, page-2

Those valuations assume MEO will at some point issue another 220m shares. I cannot see that happening. MEO is and will continue to be largely carries, thus the $90m should last a sufficiently long time.

If you assume that the valuations are therefore based on existing issued capital the value of ENI farmin upside (pg2)increases from $0.58 to $0.825/share.

Splitting hairs here, we are talking about whether the sp will triple of quadruple.

Markets are all very fragile at the moment, but MEO is hammering away. In JH's AGM presentation you could sense his frustration, but these guys really have negotiated a very astute deal for MEO with the ENI farm-in.