Motors, if you go back to announcements from 2007, I think you...

Motors, if you go back to announcements from 2007, I think you will find comments about a Nth American listing back then. So the mention of this in the quarterly is unlikely to move the share price. It has always been the strategy to build up scale in Empire and then float/list Empire in Nth America. What will move the price is confirmation of a listing and a timeline to implementation.

As to dividends, I really think you are wasting time hanging out for this whilst the stock has so much debt. Imagine if you are Macquarie and have provided 80m (incl mezz) or so of debt to a company with a market cap less than 20m - are you going to continue to support the company if it suddenly starts giving cash to shareholders rather than using the funds to pay down the debt? It may be different if they held a lot of equity themselves, but they don't yet.

The sudden issue of mezz debt without any clarification really irks me. Why is there no detail on this? Does it still need to be repaid in 4 months? What are the terms? Is it really equity? If so, should shareholders need to approve it?

The company has good prospects and I agree is undervalued, but it flies under the radar due to its size. A Nth American listing could give it the exposure it needs to kick the share price along. A lift on the hydro-fracking ban in NY later in the year will give some value to its shale gas resources. Good oil drilling results obviously will cause a re-rating. These are the bits of info investors are looking for IMHO. Any signs of these happening and I am straight back in.