Mosman to launch bid for MEO Australia

 Mosman Oil and Gas Limited, the New Zealand and Australia focussed oil exploration and development company,  plans to launch a takeover offer for Australian oil and gas company MEO Australia Limited.

Mosman 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 100% of the share capital of MEO (the “Offer”).

“The Board of Mosman believes that the combined resources of Mosman and MEO will deliver benefits to both Mosman and MEO shareholders and establish the merged group as an attractive investment proposition for investors,” Mosman said in a statement.

MEO was listed on the ASX in 1988 and has a current market cap of approximately AUD$14.25m. MEO has a diversified portfolio of petroleum exploration and development permits as well as production in New Zealand.

Neon-MEO-Evoworld

MEO is currently subject to a merger proposal with ASX listed company, Neon Energy Limited (“Neon”). MEO and Neon have entered into a merger implementation agreement pursuant to which they have agreed to complete the merger via a scheme of arrangement, subject to approval by the MEO shareholders and the regulatory approvals required in Australia.

Separately, Evoworld Corporation Pty Ltd has informed Neon that it intends to call and arrange a general meeting of Neon’s shareholders, to be held on 14 January 2015 (the “Neon Meeting”). Evoworld holds approximately 19.99% of the issued share capital of Neon.

The Board of NEON has stated that: “Neon Energy understands that Evoworld intends to send a Notice of Meeting to Neon Energy shareholders in due course. As previously announced, Evoworld has indicated that it will put resolutions to the meeting on various matters, including the proposed merger with MEO Australia Limited (MEO), the removal of the existing Directors, and the appointment of Evoworld nominees Timothy Kestell, Peter Pynes and Ross Williams as Directors of Neon Energy.”

In relation to the issue between NEON and Evoworld, Mosman said that the actions of Evoworld raise serious questions as to whether the Neon Merger will be implemented, adding that Mosman’s proposal to MEO, and any agreement that results from acceptance of the offer contemplated by the proposal, is conditional on, amongst other things, the Neon Merger not proceeding.

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