Member Info for Aimshame

Panoro will be in the same position as EOG, trying to find a farminee. So I view them as competition.

Then lots of shares to sell would suggest there isn't much support for current BOD. We really need a.merger and complete rethink ad I agree this has further downward pressure, particularly there is any cash raise.

Who still thinks the management are doing a great job and worth their salaries. I think we are down c. 50% since WH took over. This is a BOD earning close more than 10% of mkt cap every year. It can't continue.

Okay I think I worked it out BW=best wishes.

So the BOD want to raise cash, will support it naturally because they won't reduce their pay but will dilute everyone and drive the share price down.

I am sorry, I don't understand your post, who is BW?

Tony,

The BOD can reduce salaries or reduce number instead of raising money. This will benefit shareholders not a fund raise. I actually don't think they would even get it off the ground but spend money on legal and broker fees. They need to cut costs.

Vernet,

Can you tell me which of your predictions, starting with Serenity, came true?

As far as I can see c. 80% is held outside of large shareholders and those are retail. I doubt they are powerless but of course you cant come together if you dont vote due to apathy and of course not everyone sees the sameway.

What is clear to me is that any fund raise will seriously depress an already dismal share price

The logic against us that the share price goes down. Do you think anyone is going to dip their hands in their pockets for Europa share at anything like current share price, absolutely not; it will be a heavy discount. How many past rights issues or fund raises have resulted in an increase in share price, ZERO. You will get a lower share price, people selling at 20% increase which will be lower than current share price and a death spiral. If they need to raise money, decrease their salaries and cut day to day expenditures.

Yes, definitely vote against preemption cash raise and non preemptive cash raise. They then have a choice, reduce your pay or leave. An Irish farm out has only had 10 years and still counting. EG will still be there regardless of who is running the show but one thing is sure WH and BOD haven't done anything to increase share price

Well the big investors here, WA, BK, BGF and Polus I would suspect were strategic investors and they have practically lost all their investment. Polus got in because of Serenity,like you, that was a strategic investment and look how that turned out

Then I think you will be voting for a cash raise.

I hope everyone votes against the BOD and the preemption and non preemptive rights because all that will happen is the BOD will continue to have enough money to pay themselves ridiculous salaries for a 7mm company.

Vernet,

Tovoc left because of years of promise and no one but management benefiting. It isn't strange timing, he just got fed up waiting. We are all fed up. It is galling that WH and the BOD are earning so much and we all are losing so much. AS has bought a grand total of what 5000 up of shares,pathetic. If they believed in their story they would all be buying, but instead I see greed

No wonder everyone is selling out.

Tovoc,

I really hope all your other investments have proven a better bet than EOG. Good luck with all your future investments as well.

I am certainly ready to sell up and move on as well but will give it a little while longer.

Jersey cashbox- They did that before during Hugh Mackay's term. That really was saying FO to shareholders. If these guys think they can raise money to pay for their exorbitant salaries, then they really will kill the company and never get anyone ever again to invest.

Serif, No one wants to see the Company fail, we all want to see the share price rise. However, there is a real worry that they will need to raise money if they don't cut costs and that really could be a death nail. Once again the only people making money are the management and BOD. BOC is on £48,000 and what has he done over the last 5 years except agree massive hikes in salaries. No doubt Jamie White is also on a fair whack of money. The salaries increased during SO's disastrous reign and BOC was the one who presided over the remuneration committee during the increases. He is just as much to blame as SO. They are just too high for a very small mkt cap company and and are more like a large corp.

Yes there have been charges on the cost of sales for the jet pump and profit should increase some but not enough if they don't cut costs. The new BOD should be telling the executive management this but guess what, I doubt they are.

Protecting share capital wont help the bank balance. They need to cut cost now or else we will see a fund raise

How long are you going to give WH and rest of BOD? They will break the bank on their salaries if they are still there in another year. A farmout wont help the bank balance but will help the share price. They bet the cash on EG and really need to deliver soon.,

Copper,

The EG aquisition cost of c. 2mm is in intangibles not cost of sales. The 0.7mm in Antler is not available to EOG it belongs to Antler.