Share Consolidation -- Anonymous

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Subject	Author	Date
Re:Recap proposal--Ingot 26.7%	Ingot could increase to levels of around if 3 things happen41.6% (44.7%--ie 20c option)	Saturday, March 08, 04:21:23pm

sale of the April interest shares in Ernst Young's statement would be a taxable event (NT)	April Interest Conversion 2003	Sunday, March 09, 04:16:09am

volume weighted price ol- an ERG share over the five trading days prior to the date the interest is due.For example, if ERG�S volume weightedshare price for the five days leading up to the datel:utul+e Interest is due was 15 cents,	The Future interest Conversion--example-- the shares wouldbe issued at 14.25 cents.65.8 m	Sunday, March 09, 04:34:00am
5 trading days prior to the 1st of April depending on share price approx over 60 mill issued at a 5% discount to the volume weighted average price (NT) -- 5 trading days before is 25th of March 2003--not including the actual day of April 1st, Sunday, March 09, 05:18:08am be in ERG's best interest to have a Stockholm or a San Francisco leading into the noteholders meeting (NT) -- on the 28th of March to ramp the share price up--then lock it in., Sunday, March 09, 05:31:58am sale of Proton due by end of March repaying of debt commitments realisation (NT) -- of 60 million in cash., Sunday, March 09, 05:33:51am Proton positive impact fincials removing an intangible from the balance sheet (NT) -- quite apart from loan repayments being made and the 60 mill offsetting the provision for 52.4mill, Sunday, March 09, 05:37:09am without Proton--pro forma assuming full conversion as at 31/12/2002 (NT) -- (3.1 cents per share) to $3.10.8 million (11.6 cents per share), Sunday, March 09, 05:43:40am Watching the market depth and there has been about 3 mill shares accumulated at 11.5 cents. -- nickat Mar 7 2003 12:52:02:060PM, 19:34:32 (NT) -- Last 11.5 vwap 11.5--vol = 7,068,848 7/3/03 Ergtradedata 3/7/03 12:58:31 AM, Sunday, March 09, 05:49:21am
Note interest pay over 9 mill due-1/4/03 meeting is held for noteholders on the 28/3/2003--need a quorum of 75% failure to get that	see's it adjourned to the 16/4/2003.	Sunday, March 09, 04:47:25am

Shareholder meeting which is expected to be held in late April 2003.(subject to obtaining the required Noteholder and Shareholder approvals for the Recapitalisation Proposal)expects lodge the prospectusin early May 2003.	Shareholdermeeting documentsexpected to be in mid March 2003.	Sunday, March 09, 04:58:08am