ShareHolder Action on IGE, page-138

G'day all,

I received this email reply yesterday 01/05 at 1523 and didn't notice it till a couple of hours ago. Sorry for the delay in posting.


Hi Scott,

I was forwarded through the questions posted on the HotCopper platform, so thought I would provide answers now and we can have a call Monday afternoon if you require further information. The company policy is not to engage with the HotCopper forum but my answers are provided to you on the basis that you are a shareholder of the company.

Having said that, the information provided I am providing (and can only ever provide) is simply clarification and reiteration of information available to anyone on the ASX website. It is clearly your prerogative as to how you deal with this information in terms of HotCopper and hopefully you will utilise the information in a responsible way. Unfortunately, as I am sure you have seen, many HotCopper users tend to make unfounded, inflammatory comments that only undermine the integrity of the market.

With respect to your specific questions:

The company’s quarterly update released yesterday included a lengthy update regarding the funding which addresses a number of the points you raise and the challenges we have worked through or are working through. A key item discussed in yesterday’s release was that the oil price collapse, whereby the global oil prices fell to the unprecedented levels of trading at a negative value per barrel, did create significant consternation amongst the funders. However, the funders are back on track now based on our revised forecasting modelling and the stable and positive price for oil futures. That is, we certainly went through some unchartered waters during April with the negative oil price and given our end-product is road-ready fuel, it created some issues. These issues are now resolved. This is all explained in more detail in yesterday’s ASX release. I will go through each of your queries below:

1. Refer quarterly update on ASX website

2. Refer quarterly update on ASX website

3. In the 9 April post, we were thinking along the lines of the Merriam Webster definition for imminent of “ready to take place: happening soon” Obviously, based on the above, we were side-swiped significantly by the oil-prices crashing and again a fuller update is provided in yesterday’s quarterly update.

4. The IP is 100% owned and controlled by IGE. With respect to Bevan’s resignation, the thoughts and perceptions of you and the other posters are incorrect. Bevan resigned from his position as a director due to conflicts of interest. He remains contracted to the company as Chief Technical Officer.

5. The board is not intending to address the Hot Copper holders forum in the short term. I am providing this response to you on the basis that you are a shareholder. The Board’s immediate focus is on running the business, updating the market via the ASX website and working with the ASX to have the share trading suspension lifted.

cheers all, Scott.