GNG 1.30% $2.28 gr engineering services limited

Just had a further look at the EGS situation. It's an...

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  1. 146 Posts.
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    Just had a further look at the EGS situation. It's an impossibility to figure out what EGS is up to - see here: marketindex.com.au/asx/egs
    Essentially EGS were suspended from quotation on 16th Aug 2017. Trying to follow the trail of machinations is grossly confusing and of intergalactic proportions with regard to capital raising and entitlements and whatever else could be stirred into the mix. If anyone can follow it then I don't want to know.
    EGS was sued for non-payment of debts by Duratec ($3.1m) and a few others for a ttl of abt $500,000 in November - raised $30m @ 20c a share in Feb and some at 35c in July 2017. EGS settled outstanding debts by mid-March except for GNG. EGS seems to carry form in not paying its bills.
    Re-instated on ASX on 17th Apr 2018 - current price is 14c.  EGS is using the Davyhurst facility to crush ore (there is some detail in the Half Yearly Report of 14th March 2018 - pp7-8) so it must generally work ok.  Page 16 has some interesting info on EGS as a "going concern".  
    It always ends up as a lawyers picnic regardless of rights or wrongs on either side. EGS lawyers are focussing on the word "under" as in "payment due under the contract". And somewhere or other I did read that negotiations re arbitration had not yet commenced - so don't hold your breath.
 
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Last
$2.28
Change
-0.030(1.30%)
Mkt cap ! $293.0M
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$2.29 $2.30 $2.24 $209.5K 92.30K

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$2.29 6121 3
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