ERG 0.00% 6.7¢ eneco refresh ltd

suspension

  1. 21,409 Posts.
    lightbulb Created with Sketch. 115
    ...ERG may not be dead yet....
    Todays SMH......
    Saville the ERG-head

    ERG non-executive director and major shareholder Duncan Saville is expected to lift his stake from 24 to 30 per cent following ERG's $67 million, five-for-four renounceable rights issue, which was being finalised yesterday by Patersons Securities.

    With the shares being issued at 20c, a big discount to the last traded price of 60c, it appears big investors have been prepared to give new MD Allan Sullivan a go at showing the smartcard group's potential, rather than let Saville fund the whole raising.

    The idea is to get rid of all of ERG's debt, removing any cloud over the viability of the company from the perspective of its contracting clients.

    It expects to relist on Thursday.
 
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