New Zealand and Australia focused Mosman Oil and Gas, is proposing to takeover 100% of MEO Australia.
Mosman says it intends to offer the MEO shareholders 1 AIM traded fully paid ordinary share in Mosman for every 20 ASX listed fully paid ordinary shares in MEO to acquire the 100% of the share capital of MEO in a bid as soon as February 2015.
According to Mosman, the Offer would be classified as a reverse takeover under the AIM Rules and so would be subject to the approval of the Mosman shareholders and would require the publication of an AIM admission document relating to the merged group.
MEO is currently subject to a merger proposal with Neon Energy and have entered into a merger implementation agreement to which they have agreed to complete the merger via a scheme of arrangement (under the Australian Corporations Act), subject to approval by the MEO shareholders and the regulatory approvals required in Australia. A draft scheme booklet in respect to the Neon Merger was recently lodged with the Australian Securities and Investments Commission.
Separately, Evoworld Corp. informed Neon that it intends to call and arrange a general meeting of Neon's shareholders, pursuant to section 249F of the Australian Corporations Act, to be held on 14 January 2015. Evoworld holds approx. 19.99% of the issued share capital of Neon.
“The Mosman Directors believe that there is a strong possibility that the proposed merger between MEO and Neon will not occur, and that the takeover bid affords the MEO shareholders a viable alternative,” says John W. Barr, Mosman executive chairman. “The Mosman Directors believe that the combined resources of Mosman and MEO will deliver benefits to both shareholder “The Mosman Directors believe that there is a strong possibility that the proposed merger betw
een MEO and Neon will not occur, and that the takeover bid affords the MEO shareholders a viable alternative,” says John W. Barr, Mosman executive chairman. “The Mosman Directors believe that the combined resources of Mosman and MEO will deliver benefits to both shareholder groups and establish an expanded company as an attractive investment proposition for investors.”
MEO has a current market cap of about US$11.7 million.
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