I wonder if we can expect that the Independent Expert Lonergan Edwards -reappointed by Ian Smith - will look to consider the implications of the NBN and/or overseas VOIP company valuations (for instance Vonage/8x8) in their report to ENG shareholders this time around?
I for one was just a little unimpressed by their lack of 'Expert' analysis of the Telco/VOIP sector back in December 2010. Hopefully we might receive a more detailed report this time around?
By comparison I note that during this time the share price of the US VOIP provider Vonage has doubled - from US$2.31 on Dec 2 to US$4.77 overnight May 19.
http://www.vonage.com/
and the Skype/Microsoft deal - WOW.
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ENG has been trading at a 'minority discount' for the past three years and hit rock bottom last year - when it traded below its cash backing. What the...!!
So after the rights issue at ~$1.50 in April 2008 (post the 50:1 share consolidation in November 2008), is a proposed offer at $0.90 a fair deal? Do minority shareholders have any real alternative?
Can this profitable Australian business with over 70,000 retail customers and a growing list of wholesale customers (including vividwireless) be replicated for under $12m? What is the true value of ENG's intangibles?
mmmmgus
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