To me it's a chance to buy in at a fairly cheap price for all the small holders who have stuck by MEO. I don't think the company cares too much how much is raised. They are giving people the opportunity to top up at a slightly lower price than they otherwise could. The sp would surely rise if everyone tried to buy $15k each on market.
There is a risk the current drilling will be a failure, as with any drilling, but for those wishing to take the chance then this is the cheapest way in. The fact that the entitlement date gave no else a chance to buy a few shares on market so they could then get up to $15k at 20c through the offer shows smaller holders have been looked after this time. Very little benefit to large holders, in fact slight dilution if anything to them.
MEO Price at posting:
21.5¢ Sentiment: Hold Disclosure: Held
