400 tonnes of coal for $1

EER has become an interesting basket-case for ordinary shareholders.

Consider:

- MC has been pushed down to the point where the resource value is now one-quarter of a cent per tonne of coal (yes I know, not fully JORC'ed yet, stranded location, quality blah blah blah, but its good enough for Noble)
- the two major shareholders are effectively in partnership and own 87% of shares, meaning that the MC owned by other shareholders is currently valued at a measly $2m
- with their related-party financing arrangement they could easily trigger a default if they wanted to, which would hand the entire resource back to the two major shareholders

I hope that ASX and ASIC have this one on their radars.

I strongly suspect that in say 12 months EER won't exist on the ASX - lets hope that the interests of minority shareholders are not dealt with in an oppressive manner along the way.