EGO real risk going forward – Time for change I say
After 2 yrs we were all promised so much and to unlock SH value, well 1.6c to 0.004 is what we have got. Now with these UNACCEPTABLE RESOLUTIONS it’s clear to me they have shifted their focus from long term holders and are supporting the short term very large holders who as a result of this AGM could possible have 2 seats along with ERM on our board. 3 of 4 seats, not independent and looks conflicted to me.
Ken Aitkin great operational manager but has no say or control of what our board decides. But look at the board/support - Garret/contacts, Vincent/contacts and Tony/ERM would hold about 3.0-3.5 Billion shares imo and on my calculations would all be sitting with a average price close to where we are now 0.0045- 0.005. So huge consolidation of 100:1 wont hurt them at all.
A chance to double money or potential T/O is a great return for them considering the large volume of shares. It’s all about being in a position to sell us out down the track imo, they will all profit we wont. From my understanding ERM after Metagasco debacle just want out and they will go soon, they are not interested in EGO or gas. So who will buy them out?
I have been told there are 3 possible players, watch this space. But even when they sell out the new player will have 20% of EGO then maybe buy more but again sit in todays price of .0045c. When after all this happens would not even give a sheet about 7+ billion shares/holders who are sitting on losses.
Then the so called investors come in all at todays low price. Very possible result is 50%+ of company all sitting on our board at todays share price. What will happen next is the scary thing and I am very concerned as should 7 Billion other shares/holders all on huge losses.
Unfortunately the huge majority of long term holders would be on huge losses ranging from 50% if average (0.008)– 90% average (3-4c) at current price, after the 100:1 consolidation the SP would have to go to $1.60 – $4.00 for them to double and for some break even. How the hell is this stock ever going to get to $2-$4.
We have a small gas reserves, a board who are determined to go slow, no real independence, drill maybe once a year, not a lot of spare cash as drilling expensive. At best increase plant to 15 TJ a day. Mean while TSV, Origin, Santos, Norwest, AWE could, if successful will make us look like a penny dreadful in no time if we fail or even remain stagnant.
So I ask how the hell is EGO going to compete against these companies and deliver $2-$4 returns. Never happen imo.
So I ask myself does this board really have an understanding of what they are actually doing and if so, it certainly isn’t looking after the majority of holders/shares that’s about 7 Billion sitting on huge losses. So 100:1 consolidation in effect will strangled any likelyhood of decent returns for the majority.
Then I read the rubbish about 25% volatility, well in fact the majority was cross trades which is 12.5% 0.0045, I can guess where the majority went to. How all this volatility is bad for us.
Well EGO have a look at TSV over 12 mths 0.009 penny dreadful, yep. But had a great supportive board who cares about unlocking value for it’s holders, marketed to investors, YES Alcoa, paid $100 Million.
Why is that, they have no plant, horrible first off efforts with water etc. BUT where is our board, who is running EGO and what is the real plan??
Now with the dreaded volatility sitting at 0.061c over 600% profit, that’s what we all want and we bloody well deserve it. Wake up our board, how the hell are we going to get 600% profit after consolidation say from 40c - $2.40. Pigs will fly first. Unbelievable situation and a serious concern of what this board is doing to us all.
Another case after consolidation news not good, look AWE $1.60 to 56c, mark my words we can easily go from 40-50c back to 10c.
I have voted AGAINST ALL RESOLUTIONS except for resolution 5 which I support Kent as he understands how bad this consolidation is and he wants to drill aggressively and get this company unlocking value for every holder. Ask yourself is this new board going to do the same or sell us all out!! Your choice.
I urge everyone to contact
[email protected] as I now know how concerned he and his growing unbelievable 20% supporters are. You want a return an aggressive plan which is fair for all then contact him.
