Ann: Update on Change of Control Approaches to En, page-8

re: Ann: Update on Change of Control Approach... EOC is very illiquid.

i struggle to see how 44m shares can be sold on market [average cost of those shares was around 9.4 cents]. these shareholders have little choice but to be in for the long haul, imo

the EOC IPO capital structure was heavy skewed, with 28m new shareholders paying 60 cents each and 90m existing shareholders financed by the new shareholders

that is why EOC has gone downhill since the [expensive] float but market cap [after deducting cash & options] seems OK now at around $57m [at 37 cents]

EOC sure can burn cash. it seems they paid down around $4m in debt so hopefully they have $11m to $12m at 31/3/12 (but knowing these guys it could be $10m)