An extended time line is not a good sign IMHO. If EPG had solid contingency plans (i.e. new investors for re-issued convertibles, solid offer for Gazonor), EPG could have simply paid back Transcor and signed up with a new set of creditors.
I suspect Transcor have called EPG's bluff regarding having alternative offers and sources of finance and may now be in a position to play hard ball. From the outset, it seems Trancor was going to play hardball. If they really wanted to support the long-term future of the company they could have rolled over and renegotiated the convertibles a year ago. It seems they either want to own Gazonor themselves or simply want their money back as they don't believe in the prospects.
Speculation of course, but the above does seem logical to me.
As I said, great move to go into trading halt to lock in share price should a quick and dirty capital raising be required to supplement debt repayments/rollovers.
EPG Price at posting:
45.0¢ Sentiment: Buy Disclosure: Held
