Any thoughts on this?The annual report stated that they had a...

Any thoughts on this?

The annual report stated that they had a buy offer for Grozny that was grater than the amount owing on the con-notes.

Grozny is security for the con-notes.

So there are a few possibilities -

1. sell Grozny if the buy offer is still on table, and pay off the con-notes. Left over money (how much?) goes to future exploration.

2. renegotiate the terms of the con-notes - perhaps bring the conversion price down to say .5 AUD in euro equivalent. This would dilute EPG to buggery, but at least the company stays afloat. FIRB implications.

3. Con-note holder takes Grozny and offers it in a fire sale. Probably no excess funds for EPG's future.


My money is on 2.

Cheers,
Mark.