One thing that truly upsets me on this forum is the fact punters want it both ways. Angry about the top-up - now we want an extension.
Really guys - The board of directors asked you to vote we all did - I was against the deal with ERM but got persuaded. We have employed the directors and really voted in everything they wanted. Now we want another free ride from ERM ... extenuating circumstances ...
We hate them , they are not right ... now we want favours. Actually maybe we want Centrelink to pay our staff afterall ultimately they will be paying PAYG wont they.
Really if we have to look at this its clear - our directors didnt get things done quickly and the Oil price was high - they took ages to get the CR done and then we still had to wait 6 months to drill ...
The next argument would be that its all ERM's fault as well as they controlled the directors.
I think its time to either be an independent company or ask ERM to make an offer and buy the rest of the minorities out.
I think its worth more than the market cap but I also agree that ERM are not good for this company then we need to arrange finance and get rid of them freeing up the board to get the right people and do the right thing.
Sorry but we play in the real world - If they do grant an extension they will have more strings attached and loans in this industry are carrying interest rates above 10%.
I dont know the solution but really I dont want to be invested in a company controlled by a shareholder who in my opinion wants out.
I hold more of an investment in ERM. Not hard that given the market cap. I would rather they did a CR @30c for the amount needed to get the rest financed against the Alcoa income... cannot think that is anything more than $5 million. The plant and income should surely get us $10 million finance.
EGO Price at posting:
34.5¢ Sentiment: None Disclosure: Held
