Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2015quarterly activities report● Neutral
December quarter cash fell to A$9.7m from A$11.8m, with A$2.5m net outflow including the A$400,000 merger break fee received. No debt. Next quarter outflow forecast A$3.45m including A$850k termination payments. Seruway PSC expired 8 December 2014.
30 Jan 2015quarterly activities report● Neutral
December quarter summary: Cuba Block 9 terms agreed, 100% of Heron regained after Eni withdrew, Neon merger ended with A$400,000 fee, Mosman bid received, and Puka shut in. Cash A$9.7m. The Tassie Shoal sale process is suspended for the foreseeable future.
29 Jan 2015business combination● NeutralMajor
Directors recommend rejecting Mosman's revised 1-for-10 bid: about a 42.4% discount to MEO's last price, Mosman has only about A$2.26m cash and going-concern doubts, dilution risk, and a 90% acceptance condition. Target statement due by 25 February 2015.
29 Jan 2015other● NeutralMajor
MEO cuts corporate overheads by more than 60% versus FY2014, to about A$2.5m a year from March 2015, using more flexible employment arrangements. The CEO cites a cash balance of nearly A$10m and the sharp deterioration in the business environment.
29 Jan 2015business combination● Neutral
Mosman lodged its bidder's statement for the off-market takeover of MEO at 1 Mosman share per 10 MEO shares. The offer period was not yet stated in the readable text. This formalises the competing bid after the Neon merger fell away.
28 Jan 2015director officer appointment● Neutral
Peter Stickland, already CEO since 19 December, joins the board as Managing Director and CEO from 30 January 2015. Follows the departure of Jürgen Hendrich and director Michael Sweeney's resignation.
20 Jan 2015business combination● Neutral
MEO acknowledges Mosman's revised 1-for-10 proposal and tells shareholders to take no action until the directors give a formal recommendation. Holding response only.
19 Jan 2015business combination● NeutralMajor
Mosman raised its offer to 1 Mosman share per 10 MEO shares, double the earlier 1-for-20, and dropped its condition tied to the Neon scheme. Bidder's statement to MEO by 27 January and to shareholders by 10 February 2015.
15 Jan 2015production update▼ BadMajor
Operator Kea shut in the Puka field in New Zealand after mechanical problems at Puka-1 that could not be fixed, citing the oil price. MEO's 30% share had been about 30 barrels a day, so its only oil income stops.
6 Jan 2015director officer appointment● Neutral
Non-executive director Michael Sweeney resigned with immediate effect. He had served since October 2008 and sat on the remuneration and audit committees. Sweeney was named in the proposed merged board under the now-terminated Neon deal.
24 Dec 2014material agreement termination● Neutral
Neon confirms it paid MEO the A$400,000 reimbursement fee and has no further obligations under the terminated merger agreement. Duplicates MEO's own announcement of the same day.
24 Dec 2014material agreement termination● Neutral
MEO confirms receiving the A$400,000 reimbursement fee from Neon. It treats the merger agreement as terminated and will not proceed with the scheme, ending the planned 50/50 merger announced in November.
22 Dec 2014material agreement termination▼ BadMajor
MEO confirms Neon gave notice terminating the merger agreement after deeming Evoworld's offer superior, with a A$400,000 reimbursement fee payable. MEO expects Mosman to proceed with its bid and tells shareholders to take no action until the board recommends.
22 Dec 2014business combination▼ BadMajor
Neon agreed with Evoworld to a recommended proportional takeover at A$0.038 per Neon share for 50% of holdings, judged superior to the MEO merger. Neon terminated the MEO merger agreement and paid MEO a A$400,000 reimbursement fee. This is a Neon announcement; it ends the planned merger.
19 Dec 2014business combination▲ Good
The Victorian Supreme Court approved dispatch of the Neon scheme booklet and convening of the MEO scheme meeting, expected 10.30am on 2 February 2015. Booklet to go to shareholders by 29 December. A procedural step for the Neon merger.
19 Dec 2014business combination▲ Good
Scheme booklet registered with ASIC. KPMG, the independent expert, found the Neon scheme fair and reasonable. Directors unanimously recommend a yes vote absent a superior proposal. Meeting 2 February, implementation 20 February 2015, at 0.7369 Neon shares per MEO share.
18 Dec 2014business combination▼ Bad
Neon says Evoworld, which is challenging the MEO merger, called a 14 January meeting. Neon postpones it, and says it has received a non-binding Evoworld approach that may lead to a superior proposal to the MEO merger. This puts the scheme at risk.
15 Dec 2014business combination● Neutral
MEO directors call Mosman's 1-for-20 takeover proposal inferior to the Neon merger: implied value about 1.65 cents per MEO share versus 2.65 cents under Neon. They note it is highly conditional (90% acceptance) and reaffirm the Neon scheme, with a Court hearing expected in December.
12 Dec 2014director officer appointment● NeutralMajor
Peter Stickland, Exploration Manager, was appointed CEO from 19 December 2014 on a 12-month term at A$400,000 a year. Jürgen Hendrich became Executive Director Special Projects until leaving on 31 January 2015.
12 Dec 2014business combination● Neutral
Neon notes MEO has received Mosman's takeover notice and that MEO is in a trading halt. It tells its holders to take no action until MEO's board responds. Short statement with no new terms.
11 Dec 2014business combination● NeutralMajor
Mosman Oil and Gas (AIM-listed) announced its intention to make a takeover bid for MEO: 1 Mosman share for every 20 MEO shares. It is conditional on, among other things, the Neon merger not proceeding. A competing alternative to the Neon scheme.
4 Dec 2014material agreement▲ GoodMajor
MEO agreed terms for a 100% onshore exploration PSC over Cuba's Block 9 (about 2,380 km2), subject to final regulatory approval. Initial commitment is an 18-month evaluation period with withdrawal options; Petro Australis may take up to 40%. This is a new venture for MEO.
2 Dec 2014business combination● Neutral
MEO lodged a draft scheme booklet for the Neon merger with ASIC. Scheme meeting is expected on 2 February 2015, with implementation in the second half of February 2015, subject to court approval; dates are indicative.
1 Dec 2014other● Neutral
Securities notice: 1,200,000 unlisted 50c options expiring 4 April 2016 lapsed. Quoted shares remain 750,488,387. Administrative only.
17 Nov 2014other● Neutral
MEO's office address changes to Level 20, 500 Collins Street, Melbourne. Administrative notice only.
5 Nov 2014business combination● Neutral
Neon's chairman urges its holders to vote against Evoworld's resolutions at 12 November meetings so the MEO merger can proceed. Merged group targets net cash of A$37m, with Peter Stickland as CEO and overheads cut from about A$8.5m to A$3.5m a year.
5 Nov 2014other● Neutral
Securities notice: 600,000 unlisted 50c options expiring 27 October 2015 lapsed. Quoted shares remain 750,488,387. Administrative only.
5 Nov 2014business combination● NeutralMajor
MEO and Neon Energy propose an all-scrip merger of equals by MEO scheme of arrangement: 0.7369 Neon shares per MEO share, each group's holders owning 50%. Both boards back it. It is conditional on Neon holders rejecting Evoworld's proportional takeover and board-replacement resolutions.
3 Nov 2014director officer appointment▼ BadMajor
Managing Director and CEO Jürgen Hendrich, in the role since July 2008, will leave on 31 January 2015. A replacement will be announced later. Leadership change comes after a year in which the company wrote off A$129.4m of exploration costs.
3 Nov 2014director officer appointment● Neutral
Chairman Greg Short will be in Italy until 15 December 2014, so director Stephen Hopley is Acting Chairman during his absence. Temporary arrangement only.
