dilution of existing shareholdings

Announcement: >>MEO’s board of directors considered offering existing MEO shareholders the opportunity to participate on the same basis as the Institutional and Sophisticated Investors through a Share Purchase Plan (“SPP”), however the funds raised through the placement have satisfied immediate capital requirements ahead of finalising the farm-in<<

We considered, but in the end stuff you retail Mum & Dad shareholders.

Our mates at E.L & C. Baillieu and Morgan Stanley Securities have to look after their mates first.

Business as usual. Current MEO holders surely must be able to understand that.

MEO holders just sit back and cop a dilution of your holdings. A dilution caused by your Directors selling ~60mil MEO shares on the cheap @ 45c to mates of mates.

......but with this line retail holders should not despair
>> have satisfied immediate capital requirements<<
Translation for the unsophisticated :
If we later on get ourselves in a bind and run short of ca$h we may come back and ask you Mum & Dad investors to chip in.

Good on ya MEO – you need sophisticated investors who can smell a deal and rip off retail investors who participated in funding the company to this point.

@ 45c did your directors set the s-t value of MEO shares ?