Our investment mess we find ourselves in

Morning all,

I have been an investor in EGO since 2008, I am a top 10/11 holder, I have had some good days and many bad ones  in EGO but sadly my overall investment has never reflected the true potential of what I and many expected would happen. Many reasons for this.

The last 3 years has been a big fail from where I see it. Many promises and decisions which I still scratch my head about has contributed to our very poor performance and our SP reflects exactly this from where I see it.

The problems which seriously concern me.

1. Consolidation way too big and has killed liquidity, they got this so wrong.

2. Management only hold around 160000 shares in total, PG is the exception but is new to this team, this figure is unacceptable and how can the company expect others to take us serious when our leaders do not support by investing as well.

3.   3 years of promises and the only action was a failed well. A low risk well and it will cost us probably $3M+ extra, huge delay costs and these costs increasing each week to the numerous consultants each day this well is not remediated. This has seriously sent a bad message to potential farmins, investors and the market.

4. debt was handled poorly and has cost us money, probably $200k in break fees/costs and at least the only positive is that it was finally sorted and MR is a serious player and to me oozes with professionalism.

5. SP it's been slaughtered and a long way before we see a satisfactory return, many of the holders will never see a profit.

6.    Our management structure is a concern for me and some changes have to be made. We cannot allow the same team to be in control for another 12 months and I do not support them in taking charge to drilling another well. PG is the only one who has put serious skin in the game and I believe has tried to get this company moving as he should as he has big money invested. Look at some of their previous positions in other companies and see the results, not that great and in some cases have replicated those results here at EGO with a common theme of a decimated SP. Why is this acceptable!

7.    Our new looked team is a question mark for me, many are employed and consulted from our CEO's old origin and New Standard days. Is this nepotism? shouldn't we get the best of the best or is this mates looking after mates. It's not a good look is it. Just about all employed in some form represent this. I think we only have 3 people who are from outside this sector.

8.    Look at who has left and why! I think Tim Spencer was a much better CFO than what we have. Kent Quinlan would have been a much more stronger and important person on this team but why isn't he.  Who did we get and why? Brett Heading was another casualty who was imo a very important person, but he has left and why? Paul Armstrong was a much better PR person at a fraction of the costs than who we have now and yes look where he worked last, another relationship to CEO. It's a pattern and concerns me.

9.    We have a consultant Ian Patton who is a fantastic and well respected Geo and with Milton we got this right.

10.    Aggressive drilling plan after a couple of AGM's, never implemented even Lockyer still not in at DMP. Why?

11.   Huge increase in company/management costs, why is this the case if we have a fantastically well structured team, many holes in this from where I see it.

12.    Origin deal rumours well has it failed if so why has company never acknowledged this, if true what is the costs involved to do this, I suspect it will be a very big fee wasted. The next financials will be very interesting.

13.   Corp Gov issues and reports with mistakes this is another concerning point for me.

The list goes on and on from where I see it. Also bigger concerns which have not been reported yet from what I am being told. How much longer do we need to be supportive of the fact we are not where we should be and every holder deserves better, much better, so I wish to see some changes and will vote accordingly.  

Only our team can truly and respectfully answer my concerns, I just hope changes happen before AGM. Good luck to all and please DYOR and I am just voicing my concerns. I sincerely hope our team can respond in some form with the answers. I could be totally wrong with my concerns but after 3 long years of silence, something doesn't add up and my SP indicates something is a miss.