Ann: FY14 Results Announcement and Presentation, page-9

For those who are new to EGG, in June 2010 Photon Group was described by the International Business Times as: one of the weakest companies on the ASX, with debts significantly outweighing its $191 million market value, and over $160 million in deferred payments unable to be made.

In August 2010 they raised $102m in capital at $0.10 share after trading at about $1.20 prior to suspension. Then in June 2012 Photon Aust completed an 18:1 captial reconstruction. The reconstructed shares traded at around $0.50 to $0.60

Four years after the drama began they closed at $1.21 yesterday.

Now let me be clear I am not ramping this. Like MM I am under water too and think it is due a breather but I can't think of another near death experience that has turned around like this one and the management team deserve a lot of credit. Compare this management effort with running a govt protected bank and you have to admire the little engine that thought it could.

Also worth noting that EGG has also brought aboard 3 new substantial shareholders this year (NAOS with 8.24%, PPT with 10.6% and Cantango with $5.34%) all at around $0.90 to $1.00. I think Jamie Packer had a finger in the pie after the cap raise in 2010 and Reg Grundy Capital was holding 5% at the last Annual report.