Seriously a loan extension. I would rather see debt paid off under the contracted terms. Then we can move forward, as this loan is preventing us ever going forward and making decent returns. Remember if you believe as I do that we are going to confront another GFC in 16/17 would it be wise for EGO to have large debts answer is NO.
Along with Consolidation I believe us buying ERM out and having 100% stake was another mistake as we are only going to farm out again so what was the point in the first place. Reading back we were in a better position with ERM as JV as they were going to fund more than us to drill Lockyer etc. If they had kept things as they were then we might have been in a better position (at least Lockyer drilled by now and no top up hindering our SP) but non of us will ever know that now will we. Of course ERM want out they were even trying to sell at 0.048- 0.052 months before AGM and interested parties wouldn't commit until survey results known, FACT.
Agree with most that this forum is becoming so frustrating because everyone's opinion is always turns into an argument and is toxic. Those who agree the board are doing wonderful things happy for you, however I am not so happy so I maintain my opinion, they have made several bad mistakes and in time this will be seen as that. But who cares what I think or say. I should sell if not happy , GREAT ADVICE from holders who have just bought in or own little holdings, WHAT EVER!
For me I have my own opinions and whether I agree or disagree isn't a concern to me or the market as none of us on here will change anything by ourselves. I do know a holder who has big support from holders and other big sources who can but isn't interested at the moment which is disappointing for me, but as this person has said who knows as timing is everything.
All I see is a company who had and still has a huge potential fast becoming another failure as a result of really bad decisions made. Time will tell won't it. When Aust is going to economically slow, stop or even go backwards where will EGO be in 2017/18. But at least our board will get paid and can continue in hard economic times most of us will sadly be forced to fire sell if indeed a worse case scenario happens if another GFC hits, so it is an emotional and frustrating position to be in as a holder. Promised and supported so much only to be left stranded, this can potentially be exactly the situation.
When I spoke to a top 20 SH who understands more than me and just about all on here and this person has spent nearly 1/2 million in this company and made the comment that big mistakes have been made and the effects will come to light in time and unfortunately will effect every holder going forward. We are heading into times which might not be so pleasant. The board need urgently to come out now and say debt is to be paid in August and in the year of the monkey get this off our back now. Then they urgently need to come out and announce a far more detailed plan, be aggressive and get us moving in the right direction before we go any further backwards.
Disturbed and others I absolutely agree with you I am full of S--- and know absolutely nothing, I guess that makes 2+ of us then. So when a company fails to honour and return profits we should sell and move on or do we ask questions and point out the problems then make changes isn't that how democracy works. But no, you and others on here just say sell and move on. Personally I don't care what you say regarding this point.
Well if us holders did nothing then EGO would have gone into receivership years ago. Remember us lowly holders were influential in making change in this company twice before. Watch this space we are headed for very uncertain times in many aspects, top ups, debt, drilling, farmins, etc and a slowing global economy which will most certainly go into another global GFC. Where is EGO and our investment going to be when all this happens that is the big question for me. Do we have an unbiased board or skill set to weather this storm when it happens?
EGO Price at posting:
35.0¢ Sentiment: Hold Disclosure: Held
