why, page-4

Grant Thornton's Valuation is based on Management actually executing agreements.

Deloitte's confirms that the numbers stack up should management actually execute an agreement.

Mercus confirmed that the test plant could run 24/7 and productions wasn't a problem.

Looks to me like the market doesn't agree that Management can actually get a deal over the line and you can't really blame the market at the moment. As the Board currently stands it doesn't really give you a buy signal does it.

Mr Murray D'Almeida - Currently the Chairman who has advised the market 3 months ago that he will be stepping down.
Mr Con Galtos - Currently Managing Director who's 12 month position comes to an end in the next couple of months.
Mr John Htuchinson - Also know as Mr Latrobe Valley and is probably the most suited director ESI has ever had.

Sure, once a deal comes the price should move, but don't you think it would have been wiser to strengthen the Board first and then proceed to finalising an Agreement????

Cheers,
TT