spp - for loyal share holders, page-103

According to the asx small to mid cap companies can issue up to 15 per cent of their issued capital without shareholder approval (current Listing Rule 7.1).

As the SPP only achieved an 8.6% take up MEO are in a position to issue a further 6.4% or 34,500,00 shares at a later date without the need for shareholder approval. Would be very surprised if current share holders were given a second bite of the cherry given the current response. It would appear money is very tight for most people.

Although the take-up was slightly disappointing it does give MEO a number of options in the event they need to raise further funds. The 9 million they have raised should give them sufficient capital to see them through the current drilling programs. If they do have the need to raise further funds hopefully it is at a lot higher price.


Looking forward to next week. Have a good weekend.