Articulix - you are wearing rose coloured glasses if you think...

Articulix - you are wearing rose coloured glasses if you think this process was well managed.

You are stating the obvious - of course its not up to MEO as to when the JV makes the announcement.

However, MEO announced on 16 November 2009:

'The preferred Farminees executive management have advised MEO that Board of Director approval is required when establishing activities in a new country. The next board meeting is scheduled for mid December. It is expected that after this meeting, the preferred Farminee will have the necessary approval to execute binding agreements which will be subject only to Australian regulatory approvals.'

It is pretty staggering that given the extensive interest in Artermis, MEO accepted a bid from a farminee that has no current interest in Australia and required so many hurdles (unless it was a fantastic bid).

Even so, one would have hoped that MEO would have already come close to a final agreement to be presented at the farminee's board meeting over a month later (on or about 20 December 2009).

All that should have been required was final board approval of the documents and execution shortly thereafter. Now we hear that the documents are still being finalised.

As stated before, I am holding for the announcement which I expect to be big.