Shareholders' Rights = NIL

So this is confirmation that we shareholders have absolutely NO Rights.

The Administrator was appointed by the Board of EGO.
The Adminsitrator takes over the role of the Board, and can and does do everything that the board did previously.
The Board has virtually no power.
The Admin can sell assets, and pretty much do what it likes.

The Role of the Adminsitrator is to look after the interests of the Creditors !!

That's his job.

So if the Board has no power, and the Administrator's role is to look after the creditors - who looks after the interests of the Shareholders ???

That's right - NO ONE !

And of course, not only are we left high and dry, but we will not hear what is happening, because the Adminstrators have applied for exemption to delay reporting to ASX.

So not only are we screwed, but we won't hear it coming!

It seems The only people to look after the interests of shareholders will be those same shareholders.
If we want to find out what happened, and seek some answers, then the ONLY avenue is for shareholders to combine into a like-minded group.

Otherwise a 100% loss is an absolute certainty IMHO

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http://asic.gov.au/regulatory-resou...eholders/insolvency-a-guide-for-shareholders/
mce-anchorVoluntary administration

Voluntary administration is designed to resolve a company’s future direction quickly. An independent and suitably qualified person (the voluntary administrator) takes full control of the company to try to work out a way to save either the company or the company’s business.
If this isn’t possible, the aim is to administer the affairs of the company in a way that results in a better return to creditors than they would have received if the company had instead been placed straight into liquidation. A mechanism for achieving these aims is a deed of company arrangement.
The voluntary administrator’s role

After taking control of the company, the voluntary administrator investigates and reports to creditors on the company’s business, property, affairs and financial circumstances, and on the three options available to creditors. These are:

• end the voluntary administration and return the company to the directors’ control
• approve a deed of company arrangement through which the company will pay all or part of its debts and then be free of those debts
• wind up the company and appoint a liquidator.

The voluntary administrator must give an opinion on each option and recommend which option is in the best interests of creditors.

The voluntary administrator has all the powers of the company and its directors. This includes the power to sell or close down the company’s business or sell individual assets in the lead up to the creditors’ decision on the company’s future.

The voluntary administrator must also report to ASIC on possible offences by people involved with the company.

If a deed of company arrangement is approved, the voluntary administrator will usually become the deed administrator and oversee its operation.
The directors’ role

Directors cannot use their powers while the company is in voluntary administration. They must help the voluntary administrator, including providing the company’s books and records and a report about the company’s business, property, affairs and financial circumstances, as well as any further information about these that the voluntary administrator reasonably requires.

If the company goes from voluntary administration into a deed of company arrangement, the directors’ powers depend on the deed’s terms. When the deed is completed, the directors regain full control, unless the deed provides for the company to go into liquidation on completion.

If the deed is not completed and the company goes into liquidation as a result, the directors cannot use their powers, as discussed in the liquidation section above.
Shareholders and voluntary administration

Shareholders don’t get to vote on the future of the company. A voluntary administrator isn’t required to report to shareholders on the progress or outcome of the voluntary administration. A voluntary administrator must keep books about the administration that give a complete and correct record of the administration of the company’s affairs, and shareholders are entitled to inspect these books at the voluntary administrator’s office. The voluntary administrator (and administrator of a deed of company arrangement) must lodge with ASIC a detailed list of their receipts and payments (known as an annual administration return) annually on the anniversary of their appointment and at the end of their administration. A copy of these lists of receipts and payments may be obtained by searching the ASIC registers and paying the relevant fee.

Note: If the voluntary administration (or deed of company arrangement) commenced prior to 1 September 2017, the voluntary administrator (or deed administrator) will continue to lodge the six-monthly Form 524 Presentation of accounts and statement until the six-month period ending on the first anniversary of their appointment date. Thereafter, they will lodge the annual administration return.

A transfer of shares in a company or alteration of status of shareholders during a voluntary administration will not be effective unless the voluntary administrator gives their written consent or the court permits. The voluntary administrator or the court will need to be satisfied that the transfer of shares, or the alteration in the status of shareholders, is in the best interest of the company’s creditors as a whole and does not breach other sections of the Corporations Act that deal with the rights of shareholders.

When giving written consent to a transfer of shares in a company or alteration of status of shareholders, the voluntary administrator can impose conditions which must be satisfied before the transfer or alteration is effective. In the case of a transfer of shares, the affected shareholder, the prospective shareholder, or a creditor may apply to the court to set aside any or all of these conditions. Similarly, a shareholder or a creditor may apply to the court to set aside any or all conditions that must be satisfied for an alteration in the status of shareholders to have effect. A shareholder or a creditor may also apply to the court to authorise an alteration in the status of shareholders if the voluntary administrator refuses the alteration.

Shareholders are bound by a deed of company arrangement approved by creditors. Also, the deed administrator may transfer shares in the company with the written consent of the shareholder or with the court’s permission. A shareholder, a creditor, ASIC or any other interested person can oppose an application to the court by the deed administrator to approve a share transfer.

If a deed administrator makes a written declaration that they have reasonable grounds to believe there is no likelihood that shareholders will receive any further distribution at any time in the future, shareholders can realise a capital loss. To realise a loss, the shares in the company must have been purchased on or after 20 September 1985.
Financial reporting

Listed and very large companies must still comply with their statutory financial reporting obligations while subject to voluntary administration or under a deed of company arrangement. ASIC provides relief so that a company in voluntary administration automatically has a six-month extension of time for lodging financial reports that are due when the administrator is appointed or will become due in the six-month period after the appointment. The automatic relief applies even if the company enters into a deed of company arrangement during the six-month period after the voluntary administrator’s appointment.
To get the benefit of this automatic deferral relief, the voluntary administrator must have arrangements in place during the deferral period to answer, free of charge, reasonable questions from shareholders about the administration. At the end of this deferral period, if the company remains in voluntary administration or under a deed of company arrangement, the company may apply to ASIC for further deferral relief.

A public company in voluntary administration may also apply for an extension of time to hold an AGM. A public company under a deed of company arrangement may also apply for an extension of time to hold an AGM in certain circumstances.

Listed companies should also inform the relevant securities exchange if the company relies on automatic relief or is granted further relief or an extension of time to hold an AGM. This information should also be available on the company’s website and the voluntary administrator’s website.

For more on ASIC’s automatic relief or applying for other relief, see Regulatory Guide 174 Relief for externally administered companies and registered schemes being wound up (RG 174).