Neon Energy has backed out of a merger agreement with MEO Australia after Evoworld Corporation agreed to make a revised off-market takeover offer for 50 per cent of the shares it doesn't already own in the oil and gas producer.
Oil and gas producer Neon Energy has said the result of its recent shareholder meeting gives it a mandate to pursue a merger with Melbourne-based MEO, despite receiving renewed notice that key shareholder Evoworld Corporation will call a meeting to remove directors.
Neon Energy may be leaving its Perth headquarters after entering into a merger implementation agreement with MEO Australia, which would create a combined entity based in Melbourne.
Shares in MEO Australia have taken a belting today, falling more than 50 per cent, after the company announced it had failed to find any gas at an exploration well off the WA coast.
Billionaire Clive Palmer's plans to raise $5 billion by floating his company Resources Development International will see an alliance forged and funding for MEO Australia Ltd's Western Australian projects.
