Subject: Hi Erg,- NTA forward projection 1st half accounts-estimated 22.41c. -- ERG trade data forum

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Date Posted: 11:36:27 03/10/03 Mon
Author: Name: Wonder Woman
Subject: Subject: Hi Erg,- NTA forward projection 1st half accounts-estimated 22.41c.

Thank you for using the forum, Wonder Woman
Your entry has now been added to the forum as follows...

Name: Wonder Woman
Location: Sydney, NSW Australia
Date: Tuesday, March 11, 2003 at 6:35:02 AM
Subject: Hi Erg,- NTA forward projection 1st half accounts-estimated 22.41c.
Comments:

Hi Sabre, all material below sourced out of 233 page report and company announcement section.
------------------------------------------------
The liability increased by 8.9m as at 31 December 2002 due to the further fall of the ERG Share price to 0.10--if ERG share price is 20c by next time it reports (ie 2.00) the 8.9m liability reduces by 4.45 million a rise to 30c reduces it altogether.This has already been provisoned for ie the entity will continue to carry 46.9 million as a liability, any rise in the share price increases profitability as it was charged as an expense to the statement of financial performance in the first half of 2002 2003 year and as the 233 page report has stated will increase the NTA of ERG by reducing the goodwill component. ERG will also cease to be liable for approximately 23 million PWl, which are included in the Group consolidated accounts. Essentially though ERG have given the NTA scenario.The amount of 9.375 million interest for the period to 1 April 2003 on the Notes is to be satisfied by the issue of new Shares at an issue price of 0.1 5 per Share.(the issue price is at a 5% discount to the vwap of an ERG share in the 5 trading days before April the 1st which I estimate to be March 25th.) It will not proceed though if the full conversion goes ahead. ("the Future interest Conversion will only apply if the Listed Note Conversion or the Proposed Capital Restructure does not proceed").Anyway that saves a further 9 million for this half (excluding the overall amount it saves till 2005 by eliminating note interest altogether) on the 31st of January 2003 ERG had approximately 520000 shareholders and had on issue 945,879,165 ordinary shares, with the sale of Proton and the full restructure NTA based on the account position as it stood at the 31/12/2002 (had it occurred in this period) would have risen to 212 million--so currently the NTA of an ERG share with a forward projection based on 1st half accounts is 22.41c.
Regards,--WW,

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Replies:

Re: Subject: Hi Erg,- NTA forward projection 1st half accounts-estimated 22.41c. (NT) -- declined by Egoli at the 9c level for ERG--11/3/03---dumb post accepted intelligent one declined, 17:37:58 03/10/03 Mon