Comparing this proposal with the 18 Apr version, anyone can...

Comparing this proposal with the 18 Apr version, anyone can conclude that the board is misleading shareholders to hand the asset over to Ingot:

1. In this proposal, ERG board "Consider that ERG Shareholders are unlikely to realise value from their investment in ERG other than from a successful pursuit of the Tcard litigation"
In 18 Apr' annuncement:
"Joint venture company to be owned 50% by ERG Ltd and 50% by the Ingot Entities"
"Proceeds to be used to repay current secured borrowings from the Ingot Entities of approximately $115 million and REMAINING proceeds available for general use including litigation defence and counter claim costs;".



2. In this proposal, ERG shareholders give the control to Ingot:
"with 115 millions RPS issued to Ingot and 1 ordinary share (another 1 share for VIX)to erg shareholders"

In 18 Apr' annuncement:
"Joint venture company expected to initially raise capital for acquisition by way of borrowings from and a preference share issue to the Ingot Entities"