Ann: Revised Terms on Corporate Transaction with ERM Power, page-64

Look at note 20 annual financial statements page 65 ERM Loan. It cannot be any clearer than that. If the deal is voted down the loan is to ERM as it is now. Really its okay to debate but surely you read the documents.

Its like we dont need to borrow funds : :

Question: Why does Empire need to raise this much money? Answer: As Empire’s June 2014 Quarterly report shows, revenue from condensate sales at Red Gully is barely enough to pay the ongoing bills, when the plant is running consistently. Empire receives no money from the delivery of gas to Alcoa under the current Tranche 1 sales agreement because Alcoa paid for this gas upfront in 2011 through to 2013. To help pay its bills in recent times, when the well and plant performance were below expectations, Empire has borrowed limited funds from ERM. The proceeds from the raising will enable Empire to repay that debt and will provide the Company with working capital while it advances its exploration strategy, including discussions with potential highquality farm-in partners and corporate investors. Empire also needs funds to meet the minimum expenditure commitments on its permits. Under WA law, the Company risks losing permits on which it fails to meet the minimum exploration expenditure requirements. Failure to meet these spending levels could significantly damage the Company’s asset base and its ability to create value for shareholders through future exploration. Extract from questions about the deal.

Read the documents out there ! Please lets not get the facts wrong because when we do we just get noise.

Really you seem to have a great respect for the previous board and that does concern me greatly. If you do then state that but you keep criticizing ERM and the new board whilst cloaking it with other issues. Yes the KMPG report is a valid argument but you will have to have that before considering your vote. The field estimates - Who knows. I just think we need to stop bagging ERM all the time.