Surandy70. MIN maybe setting use up for a take over. Taking over...

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wabbit

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20/07/16

09:10

Post #: 18313361
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Originally posted by Surandy70 ↑

ERM debt is not repaid yet.

Loan from MIN is still subject to a number of conditions, namely:

- Waiver of shareholder vote on issue of options to MIN
- Grant of options to MIN
- Due diligence by MIN
- Preparation of complete loan documentation

ERM debt is still subject to the topup if the share price should average above 80 cents based upon the Volume Waited Average Price in the 30 days preceding the due date of the debt, which is 31/8/16.

Had EGO given notice of intent to repay the debt on 30/8/16 or an earlier date then the VWAP calculation would have been based upon the share price for the 30 days prior to the notice of intent to repay, ie way under 80 cents ergo no topup. The board has done us a disservice by not giving that notice and leaving us at risk, albeit remote, of the topup coming into play.

Hence why we are unlikely to see any, or much, activity prior to 31/8/16. And also why we appear to be in a go slow, no news, period.

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Surandy70.

MIN maybe setting use up for a take over.
Taking over the loan would save them millions .
If MIN offered $1 per share and had not paid out the loan and Viburnum exercised the options MIN would have to pay out $29.5m $15m for the loan and $14.5m for the exercised options.Viburnum would pay $6.25m to exercise.

Last edited by wabbit: 20/07/16

EGO Price at posting: 41.5¢ Sentiment: Buy Disclosure: Held
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Surandy70. MIN maybe setting use up for a take over. Taking over...

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