The consolidation among the small caps continue and today Neon Energy (ASX:NEN) and MEO Australia (ASX:MEO) have revealed they are set to become one.
Following implementation, Neon shareholders and MEO shareholders will each hold 50% of the merged group.
The transaction will combine the material cash resources of both groups, and save on costs with economies of scale.
The new entity would hold around A$37 million.
MEO shareholders are to receive 0.7369 Neon shares for each MEO share held, with the merger to be implemented by way of MEO scheme of arrangement.
The merger already has the unanimous support of the Neon Board and the MEO Board.
The new entity will have a strong platform from which to take advantage of existing opportunities within the combined portfolio as well as further business development opportunities in the E&P sector.
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