Merger - my thoughts, page-25

Think the merger is a good deal for MEO on a "merger of equals" basis. MEO's portfolio is of questionable value IMO and the only good thing about it is the lack of work program liabilities with it, so should be valued at 0. So the combined entity will be worth around $30m based on cash, $20m from NEN, $1m from MEO.The new management team will be refreshing for both sets of shareholders.