I know that marmaduke attended the last AGM and posted an update on greenequities.com.au. Considering that Sydney is not my home port, I'm not going to be attending the meeting. If I wanted to attend, I'd have to sell some of my holding to pay for the airfare and accommodation and that seems wrong somehow.
I've got a very strong urge to vote down Resolution 1, not that it will do any good. Selling shares at a 50% discount was a rotten thing to do to long-term holders and it has contributed very strongly to the suppression of the share price. This has left me with a very sour taste in my mouth, especially when you recall Torey's promises of a placement at a significant premium.
I think we would all appreciate an update on hotcopper from anyone attending the meeting. I think that there are some tough questions that the directors really need to answer. Top-most in my mind is clarification of our position in Djibouti (given the media coverage of Sinopec), progress on a new director to take the place of Mal Lucas-Smith, and revised timeline on Copahue (is it 18mths or 5yrs?).
Of course, there are many other questions that deserve to be asked too. One thing that I have been wondering is how will they be structuring the preference shares. If the preference shareholders own the Copahue project company (including first dibs on dividends), then what's in it for holders of ordinary shares. It seems to me that even though EHR would be the parent company, there would be no value attributable to EHR directly. I'd like some clarification on this.
EHR Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
