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jake0002

8,564 Posts.

2833

10/04/17

11:45

Post #: 23971965
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Originally posted by docmin24 ↑

IMO it is unlikely to eventuate any time soon, we have read these comments over many years nothing eventuates. If it did happen hard to see EGO maintaining good terms for holders, kidding themselves if they believe this to be the case.

A farmin would certainly want more than 40%. Most farmins would be very aware of how bad our financial position is and what our skill set has delivered with the poor performance, more to the point not delivered or even come close to unlocking value for holders, quite the opposite in FACT.. If I was a potential farmee I would certainly be wanting to capitalise on our poor position and be the aggressor and get what I want over the interests of holders.

Hard to believe anyone would jump in at the minute as we have much worse to come imo as we cannot do anything whilst our cash position is where it is. So they wouldn't need to get involved for the minute as we will struggle going forward as a direct result of where we are now at. Prized pickings ahead. So why risk a farmin as the consequences will not benefit holders! B/M with 0.6% of holdings has no risk apart for our 2 investors, it's about survival. Now MIN is watching imo for the same reasons. They know worse is to come. As we continue to struggle someone will capitalise on our sinking company.

Like leaving debt to last minute, I see us going the same faith WRT farmins.

How did we ever end up in this serious position, so much potential which has certainly eroded almost every aspect WRT to EGO and holders wealth. Sad times ahead for the LTH's from where I see it. We are where we are and not an easy fix is it!

Our company has decimated all market confidence and many holders sitting on massive losses same as our MC.
We have a poor financial position.
We are way too heavily involved with costly consultants and hard to comprehend what our team actually bring to this company, hence all the consultants and mind blowing decisions made to date.
SP is obviously going to fall further with a cap raise looming and no likelyhood of drill action ahead, despite what our company plans as without serious cash injection we achieve nothing.
We are now in the worse possible position to be the aggressor and demand terms. Sensible O/G farmins know exactly this and our state of affairs.
In time they will get us at terms best for them not us.

So unless we give a huge % away, not benefiting holders firstly it will be unlikely to find a generous white knight coming anytime soon imo.

One last point who, what and why are we even in this terrible state, when is our company going to finally respect their holders and say sorry holders but our best consultant advice was not the best now and we have let all holders down. Surely some directors have to resign and make way for others who know how to save this company and turn things around without being forced to give us away for the potential terrible terms I think will be the case now and into the future.

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Strike Energy has just announced an M/D replacement, a new Chairman and a new Board member.
Why can't EGO attract the calibre of those guys?
As Donald T said, we need to "drain the swamp"

EGO Price at posting: 20.0¢ Sentiment: None Disclosure: Held
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