the zammit factor

All MEO LT holders are aware (and painfully so) that we are well and truly in penny dreadful territory

Very few stocks ever recover from this type of decline- as negative as this sounds it's a reality and not one I'm happy to be a part of.

A lot rests on the shoulders of Mr. R.Zammit as the TS dealmaker, and he appears to be making progress on bringing a number of key parties together to get a TS model advanced - however deals of that complexity, scope and scale take a long time, I think he's being going for about 18 months now - suspect he's got that again before deals can be announced

In meantime it is so critical that the conventional permit/ prospect / farmout model fires and deliver outcomes now.

IMHO - MEO cannot fall into the trap of thinking TS is their key/sole play going forward - If it is then MEO can downsize now and preserve a lot of cash - they don't seem to worry too much about existing holders - they will be interested in who's prepared to pay for the next cap raising (if/when required) - a tough learning