Have not posted for a while regarding NEN. I actually sold out some weeks ago at 3.6 cents. My reasoning was that I could not see any short to medium term growth in the stock even taking into account the merger with MEO. There are better opportunities elsewhere in better run companies. The whole idea of a merger seemed to me like a "lets grab something quick" to shake off the Evoworld bid.
Now this happens. As some have already said it seems a quick capitulation from a stance of "we will fight them on the beaches......etc etc" to "OK, fine - we have changed our minds and this looks good for shareholders". Doesn't seem that enticing to me. I averaged in at 11 cents after rebuying in the 2's. 3.8 cents does not, or would not have, excited me in the slightest. There are those who bought in between 20-40 cents for goodness sake!
I really cannot see how the Evoworld offer is superior to either their first offer or a merger with MEO (I am only looking as a former NEN holder not a MEO holder). Maybe there was something shady regarding the voting at the last meeting although that would seem unlikely as the threat of legal action would loom large.
It just seems a complete turnaround without any news to convince me otherwise.
You never know, Evoworld may be the best thing that has ever happened to NEN - then again..........
The best of luck to those who remain and Happy Christmas and may 2015 be more kind and prosperous to you and your loved ones.
Cheers
MEO Price at posting:
1.8¢ Sentiment: None Disclosure: Not Held
NEN Price at posting:
3.5¢ Sentiment: None Disclosure: Not Held
