By close of business next Friday we will have the Quarterly Report. This will be Empire's first chance to sum up all the recent goings-on: the MIN shareholding and subsequent refinancing of existing debt, the remedial action planned for RGN, and the outlook for the current quarter (remembering that this quarter we have the Aug-31 facility expiry along with EGO's probable commencement of remedial action at Red Gully North). And with others out there now openly talking about Waitsia (EP368) perhaps we will hear more on that. I think the QR will answer a lot of currently unanswered questions for the marker, and help us all "de-risk" our positions.
What will be interesting is that EGO need to be very careful not to give away too much: the last thing they want is for share price to exceed that 80 cent level prior to 31st August. So their choice of words may be more demure than normal (I.e. Less "spin" and simply more fact - which will be a refreshing change!).
Either way, between now and this time next week I would expect to see support for EGO increase in anticipation of that report. Just my opinion.
EGO Price at posting:
42.5¢ Sentiment: Buy Disclosure: Held
