Adl, I'm not sure that a potential issuing of a further 25%...

Adl,
I'm not sure that a potential issuing of a further 25% share capital is in shareholders best interests, particularly if they are issued at discount to the already pitifully low current SP. With the resultant issued capital then racing towards 1 Billion shares and with little funds raised it would further smack of management protecting their cosseted salaried positions right up until the final death knell of the company.
If a TO is in the winds then I see no immediate need to issue further shares at a discount.
Furthermore, I'm not as generous as you in tipping my hat to the Chairman. Protecting shareholder interests is what his job is all about and if JH had been reined in long ago by the Board and made accountable then it would be unlikely that MEO would be in the current precarious state that it now finds itself in.
It will be good when some clarity develops regarding MEO's strategy as the existing vagueness is creating uncertainty which the market continues to punish.