There seems to be too great a chance that MEL's cash could be funnelled into MEO's exploration in Cuba. Having checked MEO's prospects there, that is a long term investment - their recent presentation shows that drilling won't be for a long time until their prospect is proved up with seismic and best drilling prospects identified. MEO say no drilling will occur before end of next year.
Like you, I prefer to have my cash back and then be able to decide if I want it to go to MEO or elsewhere.
So I've voted in favour of all resolutions.
The EGM votes have to be in by tonight, so if shareholders haven't voted, suggest they vote electronically or fax today in favour.
Bellas
MEL Price at posting:
6.3¢ Sentiment: Buy Disclosure: Held
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