Ann: Notice of Annual General Meeting, page-25

I see us getting screwed and have already voted No. Our unused Franking credits are still around $17 -$18 M which is just below our market Capitalisation. We own a plant and plenty of resources. I hope to hell our new Directors don't come in and sell off a 25% chunk of our company at a dirt cheap price which is highly likely, to a group of "Sophisticated investors". It would put our company in a position of having possibly 2 shareholders that own 52 - 54 % of a company with a share price probably around 2.5c if we are lucky. This would leave us very exposed to a a low ball takeover. I've been burned twice now in similar type situations, I've been in HGO since the Eastern Star Gas days and it has always shown promise but managed to consistently miss the mark. I have participated and supported most past raising's only to loose each time. The best winning offer with the convertible notes I wasn't able to participate as I was in a medical fight for my life. I'm that far in the red with HGO I will never get my money back. I still believe in the company but i'm getting a real uneasy gut feeling about the current stage in the game. I can't loose anymore but I will be really pissed if somebody walks away with a fully owned plant, huge resources, large franking credits ( straight out $$$ for many companies to use) The Giant Pit still has a PHES potential value, all for a couple of cents. I hope our new Director / Management can prove me wrong and turn HGO into the company it should be.
Just a feeling, and I hope I'm totally wrong.