EEG 2.99% 34.5¢ empire energy group limited

major shareholders

  1. 4,838 Posts.
    I would appreciate any info/opinions long term holders can add ..

    Back in May at the general meeting it would appear Macquarie and another large shareholder voted against 2 resolutions put forward to give 2 directors 750k free options each.

    Based on the above it appears Macquarie may keep the directors accountable for the direction and performance of the company. Which on the one hand will be positive for shareholders, on the other hand when Macquarie push their own barrow it may be negative for shareholders

    Also I wonder if a number of large shareholders participated in the placement due to a lack of voting against that motion which was highly dilutive.

    With $77mil up there sleeve I hope they dont rush any transactions.

    Which brings me to the question of ...did eeg have to raise capital under the terms of Macquaries loan agreement?? I seem to recall that the facility was able to be used for development as well as acquisitions. So why not proceed using the facility for the current wells being drilled???? The debt would have been (ballpark) 15% higher, instead the shares on issue increased by around 40%. Seems to remove a lot of upside without removing much downside!!! I do wonder how much it had to do with the directors getting themselves cheap shares on the sly!!

    Interested in others take on the situation...


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