MEO 0.00% 0.0¢ meo australia limited

credibility crunch week for meo

  1. 1,793 Posts.
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    To all MEO posters

    Whether your opinions on MEO be :

    For/against or undecided ! We all have a right to our views.An open mind will open doors and open opportunities...think about it.

    You must all now realise at this late stage in 2009 that this is The Week Crunch time for MEO's credibility in our minds..good ,bad or indifferent.

    Jan 1 2010..the new decade, is 18 days away. A new mentality after the break will set in.

    MEO have until the 23rd of Dec..that means 7 working days..absolute latest..to deal with solicitors to finalise documentation on a huge deal...unless they are willing to pay massive fees to keep the top end of town Lawyers busy over Xmas and up to New Year...I don't think so! In my game, I have never seen it happen in 20 years ..no matter how big the deal...forget the deadlines!

    Credibility crunch points.


    A:

    The preferred Farminee Mid Dec board meeting is partially to approve the execution of the binding Agreements between itself and MEO.

    These agreements would have been pre prepared for for approval and execution at that meeting...especially in view of the late,not forgetting the 31 Dec Deadline to lose Artemis,delay/ excuse,given by the Farminee.I would certainly hope the MEO was not aware of that delay early in November.

    Cred gap 1: Responsibility to Sharholders

    If do not get a status report this week ,then in my view MEO will lose credibility as a company reponsible to and keeping its shareholders informed of, key ,price sensitive developments.

    B.

    The CR organised ,post haste, last month to Sophisticates was to the detriment of current shareholders at the time. We had no participation in it..20% disc off the VWAP SP of 55c...nice if we got some!

    This was done to secure Artemis by 31 Dec 2009. A fallback scenario by MEO. This led me to believe that the Farminee was really stuffing MEO around with promises....
    Manyana,Manyana..free Chicken Manyana! MEO must have had suspicions of this mid November..otherwise how could they have organised the SP so quickly.

    Cred Gap 2: Sucked In!

    MEO had possibly been SUCKED IN by their preferred Farminees promises. Obviously they had other suitors with lesser deals and promises but,nevertheless, deals ready to go..probably WPL and Chevron. If MEO accepted a lessor deal then maybe they would not have needed a CR that has left MEO in weakened postion and certainly their shareholders susceptible to a potential plunge in SP.

    C:

    Farminee renegotiations in 2010 will have to occur if the MEO's preferred Farminee stalls proceedings again. If they do then I for one would be against MEO doing any further business with this type of Shafter and Grafter company. So far it has not been a straight up and down process..not a good sign.

    Credibility Gap 3: MEO snookering itself.

    MEO can spend most of its cash holdings to drill Artemis but if they pick the wrong drill spot they will be in trouble as will the share price.I am now of the belief that MEO directors will go to a position of weakness if they cannot stitch up the Farminee by the end of the week.
    MEO could easily snooker themselves if they do not finalise the Farminee by and of the week.

    If they don't they will either have to do a massive CR in 2010 to fund their projects or go back to one of the other Farmins that put their hand up in round 1 back in September...this time in a much weakened negotiating postion..remember Artemis will not be drilled until Q3 2010.

    Long time between drinks especially if you are forced to sell your shares on a much lower SP.

    In conclusion:

    MEO saved their Artemis position by doing an emegency CR

    MEO are not certain the Farminee will execute agreements

    MEO SP has not recovered since the CR decline.

    MEO will lose crediblity very quickly if we do not hear a status report this week.

    MEO shareholders are in the Dark..Il Silencio! Let me know if you are enlightened.You know more than me.

    Credibility concerns can be quickly alleviated by communication between the company and the Shareholders.

    Lots of MEO shareholders are felling let down. We are not the directors of the company so I do not think we are to blame for any stuff up.

    However,we do pay their wages to keep us informed so we do not cop a loss...or are we not that important.

    I have punted as much as I am prepared to lose but certainly no more...we I need an absolute , definate position from the MEO cast in relation to the future..enough procrastination and waffle guys..out with it...plain and simple.

    There are many other opportunities out there..I am not prepared to hold money in a stock without a clear path for the next 12 months..this is not a micro micro spec at 0.1c where you could have a million shares for $1k in for a quick pump and dump to 1 cent..a ten bagger! A cheap punt.

    MEO's path is not clear this evening..it may be tommorow or Wenesday or Thursday but by Friday it better have a clear path for me.

    The above are my views as I see them today. I may have had other views previously based on the information on hand from MEO at the time.

    There is certainly nothing wrong with Artemis/Tassie Shoal/NT68...but I am not so sure about the Co position at this point in time.

    Only MEO can clarify this for me.

    All opinions above are my own ..no need to agree..not interested in thumbs up/down.. Sometimes you need to look back and do a reality check. So does MEO IMO.

    Ridiculous to post so late!

    Best of luck all

    HR..forget any spelling or grammar mistakes ..too hard and too long to rectify


























 
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