Bit of a whirlwind tour for the shareholders lately. Feel a bit like a CSI detective! Trying to decipher the clues as we always seem to get clarity of the aftermath.
One poster mentioned a key point which I don't believe many touched upon - "The Farmee had a board meeting on the 13th of Nov - with the next meeting mid December" - Wow!
If this information is true, it would explain a lot!
Up till Monday - Jurgen gave confidence to the shareholders that a deal would be signed before the AGM. Then out of nowhere another delay till December... what the ?? Disillusioned shareholders ran rampant on the boards and to a certain extent rightfully so. Begs the question why?? Why would Jurgen do such a thing? Knowing full well the negative impact.
I believe the following occurred:
1) Meo was approached by several farmees with intentions to take on Artemis. One in particular resonated and offered a much deeper relationship.
2) Discussion followed - ... a deal is stuck and they make a commitment to get Board approval by the 13th of Nov - before the AGM.
3) for whatever reason - the board does not vote on this! This could have been intentional to make MEO sweat it out another month - or simply logistics etc... I believe they are trying to make Meo sweat it out. It backfired badly for WPL - I believe they were negotiating for several years and ended up playing too hard and lost out to Chevron.
4) The above can be confirmed by the share price as it was rising just before the 13th. And in fact made a little push late in the day on Friday 13th. Come Monday - news was out and announcement had to made – no board meeting, no signed deal yet....
5) Meo and the gang - taken a back similar to all shareholders went on the immediate defensive and enacted the Plan B - illuminate the risk of loosing Artemis by quickly raising funds - which is exactly why the non-approval of less than 15% exists … to quickly raised necessary funds!
This is a battle, and if anyone thinks that Business with a HUGE multi national is easy and everyone plays friendly - wake up. As some have mentioned it is a chess game. Complex with many counter moves - quick decisive action is required - especially if you have something they want!
6) as to the FIRB approval requirement and why it was never mentioned. I firmly believe that the intention was to get commitment without FIRB and announce this after deal signed - “pending FIRB approval etc...”. Had this information been released earlier it could have played negatively - and who knows perhaps the farmee requested that they not reveal this - a chess move of their own.
As to the current share price 50 cents! I'm hoping we have just seen a nice capitulation at the bottom a double bottom ready to move up and onwards - MEO can now commit to drill with or without a farmee we are continuing! If you want to get in on the ground floor sign the deal, else pay more later!
Regards
Zip
MEO Price at posting:
50.0¢ Sentiment: LT Buy Disclosure: Held
