Ann: Neon Terminating Merger Implementation Agreement, page-16

With all due respect trimilleniad, the real losers out of the merger not going ahead are NEN holders(and to a lesser degree MEO holders). The only winner is Evoworld - the Criterion in today's Australian appears to also agree - see below. NEN shareholders are now at the beckon and call of Eoworld. Why? It is pretty clear that the writ issued by Evoworld had legs - the proxy votes at the last NEN AGM appear to have been misrepresented imho and the NEN board rolled over in an instant on the writ being issued. you have to admit that was one of the quickest turn-arounds in board recommendations based on the massive increased offer of $0.003 (i.e. a one third of one cent increase) - lol. Just goes to show that shareholders that don't vote have no one to blame but themselves.

As an MEO shareholder, I was keen for the merger to go ahead but only reluctantly so - NEN were getting the better end of the deal and MEO was just buying time with NEN's cash.

MEO board will still be disappointed ted to have merger deal pulled on them at the 11th hour but life goes on. MEO now needs to focus on slashing staff and look to outsource technical work. MEO will give away most of wa454 to be free carried. Other than that cash outlays can be kept to a minimum until POO trends higher (circa June 2015??).

Mog offer will be given nothing more than a diligence cursory glance by meo board, given board has to as last rebuttal was in the context of also having NEN offer, and then refuted again imho. MOG deal requires 90% meo sh approval so will never happen.

Adl


Neon Energy (NEN) 3.5c
IF deposed minister David Johnston could eat his words, the ones pertaining to canoes and submarines would top his list.
Likewise, Neon’s top brass would be regretting their defiant utterances on spurned bidder and board agitant, Evoworld.
The board made it clear what it thought of Evoworld’s 3.5c a share proportional offer for 30 per cent of Neon. Conversely, the proposed alternative with MEO was lauded as a true merger of equals.
Yesterday the Neon board endorsed Evoworld’s improved 3.8c/sh offer for 50 per cent of the company, subject to an expert report declaring the offer as fair and reasonable “or at least not fair but reasonable”. Evoworld failed to spill the Neon board in November and was gearing up for another tilt in January. Instead, the summer of discontent has been supplanted by more peace and love than the Age of Aquarius.