EGO (ASX) Investing advice for EGO

Originally posted by topender ↑

Good work Bolat,

In our case could it be just another case of unfortunate coincidence?

As I recall he was parachuted in as a temporary Chairman by ERM to oversee the investigations into the "Corporate Governance issues" alleged to have been found after the successful 249d coup occurred several years ago. This now seems like a very loose adaptation of the term temporary or interim in terms of tenure for a Chairperson of a board of a listed company?

Anyway, not many sleeps to go till the next AGM. But I am curious about whether or not he will have completed his mission (whatever it is) by then? From ERM's perspective their strategy to underwrite their buy-in investment in EGO shares with an interest free loan to EGO to fund the buy back of the jointly held tenements to make them 100% owned was a bit of good footwork. The amounts of money involved are remarkably similar. Along comes MIN they take up ERM' shares for a nice little $10m or so. ERM walk whistling.

At this point after only a short period of time, MIN would be looking at book loss of circa 20% on their foray into EGO. Whether or not their buy-in outlay amounts to small change for MIN or not is unclear at this stage. But as time passes this might come under closer scrutiny from them, as well as the Garrett camp possibly.

Whereas it is the role of the Chairman to manage the strategic decisions, and oversee the peformance of the Company against the strategies in place, and there have been many posts calling for the Chairman to step-down. However it is up to the CEO to Manage the operations of the company, the Corporate Communications function is also part of what should be happening under his management.
The main complaint continues to be the lack of disclosure to shareholders, and the responsibility for this important function is squarely at the hands of the CEO, whether or not he employs someone to prepare the announcements before they are released.

Anyway, Singa sorry to see that you have had Nuff! You must be disheartened that the Company has not responded to your plees for better communication. Come to that? So am I.

Expand

Nice post Toppy. With 31Aug almost upon us and the AGM not too far away also, I am wondering if the swords are being sharpened at EGO HQ for those for whom are destined to fall upon them.
If it is to happen I sincerely they bleed profusely as penance for what they have done to this company.

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