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12.0¢ empire oil & gas nl

I think there maybe an all out attempt to discredit the board at...

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Harry3539

1,680 Posts.

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12/07/16

22:22

Post #: 18254470
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Originally posted by Singa71 ↑

RULES ARE RULES – if you have too many waivers from complying why bother having the rules just chaos and everyone does anything they like. These listing rules are there to protect all shareholders – big and small.

I encourage every holder to Register a complaint with the ASX. Its a very simple process, still plenty of time. Every holder has a right to vote and a say. The company is clearly worried about holders and every holder owns this company so we ALL should be able to VOTE. Do this and we can get a fairer deal regarding options. Why should we all suffer from the underperformance. The consequences for not doing this could have very damaging effects to your overall investment later on. Well that's my take on this. Always please DYOR.

Just go to ASX and download PDF from ASX regarding listing rule 10.1 that Empire referred to in regards of the waiver in relation to the requirement for shareholder approval for the working capital facility and issue of EGO options to Mineral Resources.

You will note the header is aqcuisition and disposal of assets - this is a deemed disposal as the substantial assets of EGO are being given as security for the working capital facility – therefore it is a deemed disposal in that regard (Options are being issued pursuant to the working capital facility). Because if the company defaults then MIN effectively gets the assets.. (remember ERM transaction well that fell under 10.1.1 because ERM was a related party of the entity by virtue of Tony Iannello being on the board amongst other things and hence shareholder approval was needed and if that wasn’t the case, then ERM would have just fallen foul of 10.1.3 because they were just over the 10% - so shareholder approval was required.

Now if MIN had of appointed someone to the board, then 10.1.1 would be the case – related party. However, as they have not yet, then 10.1.3 is the case – as the operative words or “at any time” in the last six months had at least 10% which of course MIN fall under as they have more than 10% and were a shareholder with more than 10% at any time in the previous 6 months prior to the facilty being entered into… even if it was for a few days…. Still counts.

Obviously the security is a substantial asset which is covered in 10.2

Issue of Options is covered by 10.1 and 10.4, 10.5 and 10.6 and is approval is required by virtue of the same reasons above in regards of having a greater than 10% interest at any time in the last six months.

MIN will not walk away from this deal as much bigger things are in play, we all just need a serious price for another 5% of our company. Don't just except our boards performance and position we find ourselves in. Be proactive not reactive after the event. Seriously please consider what I am saying. GLTA.

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I think there maybe an all out attempt to discredit the board at every opportunity.

As a small investor I see nothing wrong with this loan compared to the Vib. Loan (independent party). I see the ERM deal as an actual acquisition of a substantial asset and the MIN loan as a "conditional acquisition" i.e should EGO default. I think the law would look at the "spirit" the loan was offered in and hence a waiver.

This is cut from a deal under U.K. Law, but I regard ours as instep with them (being part of the Empire an all).

"The issue of the Loan Facility and the Options is a related party transaction pursuant to AIM
Rule 13. The directors of the Company, having consulted with the Company's nominated
adviser, Canaccord Genuity Limited, consider that the terms of the Loan Facility are fair and
reasonable insofar as the Company's shareholders are concerned."

Ref :Empire n all

EGO Price at posting: 45.0¢ Sentiment: Hold Disclosure: Held
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