Ann: MIN: Acquisition of assets from Empire Oil & Gas NL, page-46

A listed shell is worth between $250k and $650k with any proceeds going to creditors of EGO (ie not shareholders). The shell of a public company is of value as it allows an avenue for a company to list on the ASX via an existing shell rather than have to go through all the hoops if they were to start from scratch.

Shareholders of EGO would remain shareholders if the EGO shell was to be bought as a vehicle for a company to list.

As an example of what could happen, an ASX company I was invested in which went into administration was sold as a shell and relisted but not before undergoing a 1 for 700 consolidation (30,000 shares became 42 shares) then did a 20c share offering prior to relisting nearly 2.5 years ago, the shares are now worth 1.7c each!