Healyn, the new EGO board have so far failed to issue a single fact about the mismanagement by Craig Marshall & cohorts. Nothing about tenders, costings and invoices has ever been released. Nothing about the FORENSIC audit by PWC. In fact, nothing more than the old board would reveal.
Wharf's demand for details was met with a sinister reply - "If we tell you, will you promise not to sue us?" And that after taking over EGO to purportedly sort out the mess. We can only guess at what ERM found when they started investigating - did they find a can of worms (and venomous snakes)? They must have slammed the lid back on the can very smartly, horrified, with no intention to disclose anything. Did they discover massive money laundering by CM & Co? Was all this premeditated, to gain control of EGO? The latter seems an unlikely event, but who knows what is going on.
doc70 assumes that the forensics are taking a long time. Hmmm. More likely, nobody involved wants to reveal the truth, in case it provokes an EGO shareholder stampede - no, not away from, but TOWARDS the board - and reveals the crooked treatment of Wharf, in stealing their share, aided by the crooked legal system, dodgy and useless authorities, etc, as just about all Australia knows. Stock Exchanges around the civilized world are strictly regulated and supported by an honest legal set-up, to demonstrate that investment is safe. The non-functioning ASX has yet to grasp this idea. By the time they realise their mistake, investment in Aussie companies will be down to a few deaf old grannies and the likes of President Mugabe laundering dodgy money.
It is becoming horribly obvious that we, EGO shareholders, are going to get very little, if any, return from this investment. Only the old board are walking away laughing and leering.
THERE IS ONLY ONE COURSE OF ACTION LEFT. We, the SHAREHOLDERS, must rise up against the new board, and DEMAND answers, or else they will have to follow CM & Co. WE have the POWER to do this. It is no use just waiting, and thinking that we will do better now that Wharf have been disposed of, or we will be branded as just another bunch of crooks.
EGO were geologists, with no experience or knowledge of plant design, so they chose Momentum (of the A$6million DESIGN by 43 of their engineers)
Haven't we all noticed that the Momentum condensate plant is now misfiring horribly? As no contractor was to be held responsible for the repairs, who is to sort it out? Expro, who were Wharf's choice years ago, to provide a bigger & cheaper plant, to be installed years ago, & nothing upfront. Perhaps the total cost would have been A$20M, whereas it is now hurtling for the 50M mark. How about an increase in the 6+ BILLION EGO share issue, to sort out the mess? (BHP Bill. only have 3M odd) Oh goody, what a great investment that will be!
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