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Mosman Oil & Gas improves terms of proposed MEO Australia takeover

Last updated: 06:26 19 Jan 2015 GMT, First published: 07:26 19 Jan 2015 GMT

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Mosman Oil & Gas (LON:MSMN) is to pay more for its proposed reverse takeover of MEO Australia (ASX:MEO), it announced.

Under the all paper offer, it has increased the amount payable to MEO shareholders to one share for every 10 MEO shares.

It was previously one Mosman share for every 20.

John Barr, executive chairman of Mosman said: "This is a good opportunity for shareholders of both Mosman and MEO.

"The combined entity can fund exploration, preserve longer term assets and progress to production and cash flow."

A revised proposal will be sent to MEO by January 27 this year and subsequently sent to MEO shareholders by February 10.

MEO shareholders have been advised to take no action until they receive the MEO board's formal recommendation.


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