MEO keeps on ignoring their current shareholders (your words not mine) because they are generally fickle and we have a high proportion of day traders and nervous nellies in for a quick buck that you'd frankly prefer not to have on the register - because it just increases volatility. Acknoweldge that there are a number of us that have stuck it out and will continue to do so. But reality is MEO has been controled by the traders.
The slide in their recent presentation showing 3 times their issued capital traded in a few month period really tells the story.
It also demonstrates that these guys are in it for the long term and are trying to change the dynamic of their registry.
Don't get me wrong, I'm not entirely pleased about the raising 2 days before spud for no urgent reason other than to offer these guys an attractive deal. That said, it does demonstrate a vote of confidence for the company if they can carry out these raisings at relatively short notice at reasonable prices.
MEO Price at posting:
54.5¢ Sentiment: Buy Disclosure: Held
