annual report ou, page-3

From what I read I assume the following:

Ingot debt paid off $115 million for 50% of the company. I read this as all shareholders of ERG have their shareholding diluted by half. ( Suffered the reduction by 10 about 5 years ago)

The $9million provision for the legal fight over Sydney is paid for by the sale of ERG's one link share to...ingot for $9.5million.

So at the end the old ERG is a shell that owns nothing, is renamed, the only asset it will hold is the possibility of settlement of the court case. Reckon that this will be settled like Motorola, Italy, Hong Kong for about half the amount claimed. So our shares are MAYBE worth 8 cents.

They make a statement that the NSW government will not guarantee The PTTC for the $200 million claimed by ERG, but ERG are stripping everything of value out of the entity to make it worthless...its just the same. Note that no directors are allowed on both boards The new entity is totally separate

Please this is my summation of the announcement and I am a long suffering ERG shareholder doesn't really matter as I am screwed either way as I am highly unlikely to see my capital back anyhow. Again I stress this is my interpretation of the announcement