Neon Energy Provides Update on Evoworld's Attempted Takeover

Neon Energy has provided an update on Evoworld's attempted takeover of the Company and its intention to call a general meeting, following Neon's decision to pursue a proposed merger with MEO Australia.

Highlights - Recent shareholder vote demonstrates an overwhelming lack of shareholder support for Evoworld’s attempt to gain control of Neon Energy
- Meeting result represents a mandate to proceed with the merger with MEO Australia
- Evoworld’s recent “Call to Arms” letter to shareholders is misleading on a number of points
- Evoworld currently intends to convene a shareholder meeting on 15 January 2015

Further to the announcement by Neon Energy of 13 November 2014, Neon Energy has received notice from Evoworld Corporation advising that it is its current intention to call and arrange a general meeting of Neon Energy, pursuant to section 249F of the Corporations Act, on 14 January 2015.

The Board of 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, the removal of the existing Directors, and the appointment of Evoworld nominees Timothy Kestell, Peter Pynes and Ross Williams as Directors of Neon Energy.

Regrettably, however, to date Evoworld has not provided any further details of its proposed resolutions. This latest move from Evoworld follows the defeat of all of Evoworld’s resolutions at the Company general meetings held on 12 November 2014.

At those meetings Neon Energy shareholders voted comprehensively against Evoworld’s proportional takeover offer, and against Evoworld’s resolutions to replace the current Directors of Neon Energy with their own nominees.