MEO cuts costs 60%, urges rejection of takeover proposal

MEO Australia Ltd. (ASX: MEO) has implemented a range of cost-cutting measures. Corporate overheads will be reduced by more than 60% compared to the 2014 financial year and will be in the range of $2.5 million per annum from March 2015.

The company says that these reductions are being achieved in part by more flexible employment arrangements to ensure MEO retains access to the core skills and experience necessary to manage its existing business as well as growth opportunities.

In additional company news, on Jan. 29, MEO Chairman Greg Short issued a letter to shareholders, urging them to reject a revised takeover proposal from Mosman Oil and Gas Ltd.

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