...and all the while, page-11

Geez, there are some really basic issues confronting EGO and EGO shareholders. AND these issues have been known to us for quite a while.
1. EGO now has a professional, experienced, mostly independent, and transparent Board. (such a nice change)
2. EGO was staring down the barrel of insolvency. That's only MY assessment. But without the loans from ERM I am sure EGO would be in the hands of a Receiver, or simply have been the subject of a fire-sale, or huge dilutionary CR
3. we got a warts and all assessment from EGO. not many coys do that in my experience
4. EGO simply has no funds to move forward !!
5. EGO's business is gas exploration and development. It is not an infrastructure manager
6. EGO MUST raise additional funds. Period!
7 EGO will simply not survive without new funding. It is now simply a question of how EGO gets those funds. A CR would be difficult at this time, simply because of perpetual low SP, huge s/h base, and huge number of shares. And of course the quantum of funding required to get EGO moving. The need for a share consolidation is obvious, but experience says the consolidated SP will crash, unless we get positive news to support the SP.
8. we know ERM wish to stick to their business of power generation etc. But ERM Gas division is a totally different proposition.
9. the Proposal presented to EGO s/h is bloody complex. That's not to say its a bad proposition, but it warrants careful consideration.
10. s/h will get far more detailed info on the status of EGO, the proposal, and its ramifications once the IER is distributed.
11. the issue for me is the fact that ERM will end up with 19.9%. Make no mistake, that is Control. Forget 50.1% - because when a single s/h holds 19.9% of any coy, (and particularly one with 12,000 s/h) that 19.9% s/h has huge influence !
12. does this Proposal provide EGO and EGO shareholders with satisfactory recompense for the outcome of ERM obtaining effective control ??? --- I simply have no idea - but hopefully the IER will look at that issue in detail?

cheers