For those who are new to EGG, in June 2010 Photon Group was...

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.