here is the good news so please get upset, page-15

This is Mr Lincoln Augustus, first second cousin of Holymagimon

My dear Mr Billblogs, I refer you to the ESG announcement, i.e.:

Sydney, Australia – 12 March, 2009 – Eastern Star Gas Limited (ASX:ESG) is pleased to announce
that it has successfully raised $50 million through a partially underwritten placement to
institutional and sophisticated investors. The placement was facilitated by Patersons Securities
and was heavily oversubscribed.

Pattersons was not stuck with 30 million dollars worth of shares. They merely underwrote the issue to that amount, meaning that that was their liability if the issue was under-subscribed.

In the event, it was heavily over-subscribed and Pattersons got their fee for placing the shares. As I said before, issuing shares to shareholders on a pro rata basis would have been prolonged and costly, and would have meant that a prospectus would have had to be sent to all shareholders prior to their acceptance (if they so desired) of the shares they were offered.

This is a rapidly changing marketplace, and while there may be confidence in ESG at the moment and a desire to make money, the price could equally well drop if the DOW tanks.

You have to remember that the ESG price dropped from 90 cents right down to 19 cents quite recently, due to the market fluctuations and Babcock and Brown (bless their souls).

So those who missed out now could easily have bought in at 19 or 20 or 25 cents then. Few did when fear gnawed their innards.

Just as few believed early last year that the markets would collapse when the writing was writ large was on the wall.

Market perceptions, greed and fear, fear and greed, those are what keeps the world moving and mankind breathing.

And, oh, I forgot...a little blessing of the Lord from above to keep you in good health and happiness.
MLA