Can ERM please get rid of EGO, page-8

Fully understand your point regarding the 70% Ally. If I was an EGO holder I would feel backed into a corner. However there are three positives for an EGO holder in that situation:

1) the share price has appreciated
2) if a cap raising is required to repay the op-up it will be done at a higher price than now, meaning possibly less dilution compared to a cap raising at this point in time.
3) I can't see anything stopping somebody farming in and EGO simultaneously repaying ERM whilst a halt is in place - meaning no SP escalation until after the repayment and therefore no 'top up' penalty.