Re:Recap proposal--Ingot 26.7% -- Anonymous

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Subject: Re:Recap proposal--Ingot 26.7%

Author:
Ingot could increase to levels of around if 3 things happen41.6% (44.7%--ie 20c option)

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Date Posted: Saturday, March 08, 04:21:23pm
In reply to: in any event will be no later than 30 September 2003 (provided it is approved by Shareholders). 's message, "Share Consolidation" on Saturday, March 08, 02:09:49pm

As indicated in ehe table, as a resull ofthe Proposed Conversion the Noteholders colleclive interest in the
issued ordinary share capital in the Company will be 64.7% and the Ingot Elleities will have a 26.7% interest
in the Company. As a resull ofthe folfowing events, the Ingot Entities rnay be able to increase their
shareholding in the Company:
m the possible exercise ofthe 169.56 million 20 Cent Ingot Clptions and the subsequent issue ol- the 20
Cents Ingot Shares;
m the possible conversion o f the balance ofthe Ingot Loans and the issue ofthe ingot Loans Shares:
and/or
m if ERG repays the Ingot Loans early, the possible exercise ofthe 169.56 million 15 Cent Ingot
Options and the subsequent issue ofthe 15 Cents Ingot Shares.
As a result o f these transactions, the Ingot Entities interest in EtPG's ordinary shares rnay increase to levels
of around 4 I .6%. If this occurs, the collective interests ofthe other Noteholders will decrease to
appruximately 29.5% 'l'his assumes both the Listed Note Conversion and the April Interest Conversion
occur. We note that the Noeeholders' hibnnation Memorandurn prepared by ehe Company rel-ers to the
lngot Entilies interest in ERG'S ordinary sl~ares increasing to a lnaxilnurn of44.70/. The difl'erence between
41.6% and 44.7% is due to the Company calculating the shares which rnay be issued to the Ingot Entities in
respecto1 interest on the ingot Loans and the Prel-erence Shares, using an assumed share price of 15 cents.
We have used an assumed share price of 20 cents, on the basis that the 20 Cent Ingot Options will not be
converkd into ordinaly ERG shares unless the ERG share price reaches 20 cents.

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Replies:

Subject	Author	Date
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