"... and yet it seems that no matter what goes wrong, these dudes don't get given their marching orders."
in order for that to occur, you need two things:
1. alternative board ready and waiting
2.sufficient votes to achieve that outcome
Kit - why would MIN do anything now?
clearly EGO have laid the groundwork to present to shareholders, a scenario where RG is P&A, and that EGO is put into Administration.
if that scenario were to occur, then MIN are underwater big time.
Their investment is worth Zip.
Their loan of $15m is in jeopardy.
They will have security over the permits subject to RG, but I don't think their security includes other permits such as Lockyer permit?
So MIN security value includes permits which may no longer produce gas, and the plant.
That plant will have value to another O&G coy, but nothing like replacement value.
I am told they could sell and relocate plant elsewhere.
No way MIN would t/o EGO, unless they figure they can extract value via Lockyer type permits?
MIN aim is to secure gas supplies - so only hope is for them to move on Lockyer permit etc.
But they would only do that if they get it for nothing imho.
EGO Price at posting:
12.0¢ Sentiment: None Disclosure: Held
