ERG 0.00% 6.5¢ eneco refresh ltd

someone is stealing erg from the shareholders

  1. 4,635 Posts.
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    Comparing this proposal with the 18 Apr version, anyone can conclude that the board is misleading shareholders to hand the asset over to Ingot:

    1. In this proposal, ERG board "Consider that ERG Shareholders are unlikely to realise value from their investment in ERG other than from a successful pursuit of the Tcard litigation"
    In 18 Apr' annuncement:
    "Joint venture company to be owned 50% by ERG Ltd and 50% by the Ingot Entities"
    "Proceeds to be used to repay current secured borrowings from the Ingot Entities of approximately $115 million and REMAINING proceeds available for general use including litigation defence and counter claim costs;".



    2. In this proposal, ERG shareholders give the control to Ingot:
    "with 115 millions RPS issued to Ingot and 1 ordinary share (another 1 share for VIX)to erg shareholders"

    In 18 Apr' annuncement:
    "Joint venture company expected to initially raise capital for acquisition by way of borrowings from and a preference share issue to the Ingot Entities"
 
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