how come erm does'nt move on metgasco also?

Just read the ASX release from ERM on its move on the Empire Board. Its moving for basically for the same reasons as the New Hope move on the Dart board: the significant drop in shareholder value and the strength of the underlying assets of the company.

The Empire share price has tanked more than 60% from 4 cents in 2011 when Empire made its major discovery to just 1.5 cent now. They should be so lucky - try the disastrous drop for Metgasco since its massive Kingfisher discovery in 2009! Kingfisher represent the largest find of conventional gas in NSW yet MEL's share price has dropped from 0.70c in 2009 to 0.045 in 2013! try that for a drop in shareholder value.

The ERM release states they have been patient with the Empire board and gave them sufficient time to unlock shareholder value. Patient? They gave them 2 years from their major discovery. Yet, ERM has been sitting on the MEL register for eons in comparison and topping up along the way,so whats their definition of patience?

"We are committed to using our skills, experience and track record to enable Empire to unlock greater value for its shareholders and partners." These are fine and good sentiments from the ERM Board. But why not the same approach to the MEL problem. At least Empire is a functioning live working asset, whereas Metgasco is now semi-moribund, operating on a skeleton staff out of shoebox in North Sydney.

It is becoming increasingly difficult for longterm holders of MEL to understand (well for me anyway) why ERM, which must be sitting on major losses from its MEL holding, does not reignite the MEL board with some fresh blood which can impose some direction and drive. One day we may find out but I hope its not too late. When will it acknowledge the extent of its losses from its MEL investments and do something about it?



http://www.asx.com.au/asxpdf/20130927/pdf/42jn9xpwk33ck3.pdf