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NTA about 1 dollar--source Melbourne Age 17/7/03 NTA is 36c source the company announcement section 12/9/03
--------------------------------------------- NTA-8.5-assets 11.6 Net assets are 11.6 233 page report Ernst and Young--the newspaper states 11 SMH 16/5/03---NTA was 7.198 it should now be 8.5--31/5/03 net assets were originally mean't to rise to 462.1m--currently 7/7/03--311m
As the market understands it as at 6/7/03-NTA 7.925143668855580783555739593341x 10
Australian Stock Screener Doing some figures on ERG see below, the Group does not expect to make a profit in the 2nd half, I think they will manage to make a modest one though, 60 minus 52.4 equals 7.6m 70.7 + 7.6m = 78.3m next half add 25,904,576 (which represents the 10% intangible brought forward from the 1st half 2002 year and -- matched out with the Proton transaction = 104,204,576, depreciation & amortisation expenses ERG eliminates approximately 15 mill p/a for 6 months 7.5m for period 30/6/02 to the 31/12/02 depreciation & amortisation 22.2m of which Proton made up 7.5 million of it--PWI has been settled on the 29/4/03 beginning to save 1.25 mill per month two months left in period =2.5m, Post June 30th 2003 for the full year should now be 29.4 (ie 44.4 minus 15 saved from Proton) 104,204,576 + the 2.5 mill saved in amortisation this half 31/12/02 to the 30/6/03=106,704,576 additionally 9.375 mill in April capitilisation 10.632/deemed 5% 10.1004 at 1/4/03 in exchange for 62,499,492 shares.106,704,576 + 9.375 =116,079,576. Project costs (the entity carry's costs untill such time as they become fully operational) in relation to the MOT settlement are in total 35,127,000(out of 46,360,000) expensed over the period of the operating contracts through the profit and loss statement up untill now it has been having a negative effect for many projects have been delayed, this is beginning to change now (Re Sydney --San Francisco coming up) and has been a reason the company has cited as hampering profitability.The recent Lazio settlement should get rid of some of the 8.9mill which was locked in at 10 with a fall from 30 which in turn was added to the 38,701,000 that made up the deffered consideration which was originally a contingent liability, before being made non current and added to the goodwill in relation to the PWI acquisition.Many of the projects recently won and one coming up San Francisco--Translink stage 2 are outsourced where part of the money is received up front and this should help to bring the costs above to account. It's a matter of following the company through time and marking it's progress, a lot will depend on the company's profit margin which is different depending on the division. On the restructure itself, it unlocks on
267,503,037 shares as given by the company on the-
23/6/03--93.344734624452132855598964421585 --93c
If the rights issue proceeds and the directors are giving this consideration now, then you would have more shares on issue 3,009,426, the value then created would be 8.92c per share, however you then too have a positive aspect to that, for if 50 mill were raised (ie up to 50) this would be added to financing and investing activities reconciled to the balance sheet and would add approximately 1.66c --1.7c per share rounded to each on issue.ERG are no longer proceeding with rights issue 25/6/03 It has been reported in the paper Sydney Morning Herald dated the 16/5/03 that ERG could make a profit of 17 million for 2004 year--institutional analyst Robert Gee quoted, if so based on shares on issue of 267,503,037 this would equate to an EPS of 6.35506803610607232096583636170082 (6.4c rounded)(might have fluked PWT--who knows?--9/7/03(lol)http://www.smh.com.au/articles/2003/05/15/1052885346472.html No urge for ERG ERG's recapitalisation is due to take place over the coming weeks, with $250 million worth of convertible notes being exchanged for 1.6 billion shares in the company. But the market is still showing distaste for ERG's market-listed securities, which are trading much lower levels than the predicted 15c, which represents the nominal share conversion rate of the notes. Shares are trading near all-time lows below 9c, with the notes similarly weak at marginally above $7. With each note converting to 90 ordinary shares in ERG, note holders are still favoured in the equation, effectively picking up shares at just under 8c each at Code Move Last High Low Opened Prev. Close Trades Volume Value Traded ERG +0.00 0.075 0.079 0.075 0.079 0.075 0 0 0 23-Jun 04:05:13 pm recent prices while shares closed yesterday at 8.7c. These prices compare to an estimated net asset backing of 11c per share after the recapitalisation. Paterson Ord Minnett, the only broker still following the ticketing vendor - and which is advising ERG on the restructure - said the company could report a $17 million profit on revenues of $300 million to $350 million next year. If market sentiment has improved by then and ERG doesn't continue its track record of disappointment, the result could underpin a share price of 15c to 20c based on current market earnings ratios, the broker said.NTA-8.5--assets 11.6 Net assets are 11.6 233 page report Ernst and Young--the newspaper states 11 SMH 16/5/03---NTA was 7.198 it should now be 8.5--31/5/03 ERG are not proceeding with rights issue
23/6/03 number of shares issued--as given by the company267,503,037
The negative for ERG's share price is the reconstruction process
Fractions will be disregarded.
Five positive things due in the month of July.
1) San Francisco stage 2 (Translink.)(lead agencies need to say yes.)
2) Substantial receivable Lazio
3) Perth--W.A. newspapers budget. 30/4/03 Announcement17/7/03 ERG unsuccesful in Perth tender--retained as reserve tenderer (company say's no if there is not enough profit in it--re Montreal Netherlands Brisbane etc--this may be the case/likely http://australianit.news.com.au/articles/0,7204,6714798^15397^^nbv^,00.html 4) Yorkshire--W.A. newspapers.30/4/03 5) Work on Washington expected to commence within 30 days 25/6/03
Sydney occurs post June 30th 2003 Stage Two to Four - Twelve Months $56.4Million Revenue ##$5.358Million Profit## Manchester operational, Singapore etc

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Google bus news
July 8th Australian I.T.Perth will announce a successful tenderer for its public transport ticketing system within weeks
http://australianit.news.com.au/articles/0,7204,6714798^15397^^nbv^,00.html http://www.cards-worldwide.com/2003/cards_AU/confprog.asp Day One: Tuesday 2 September ------------------------------------------------------------ 08.00 Registration and coffee 09.00 Opening remarks from the Chair ITSO is a strategic initiative supported by the major bus and rail transport organisations of the UK and the UK Government to provide interoperable contactless smartcard based ticketing.
115  is  a resistance/supportline.113 111 109 107 105 103 101  99 97 95 93 91 89 87
Richard Fleming, Chair, Asia Pacific Smart Card Forum
NTA Melbourne Age 17/7/03  based on 267,503,037 shares on issue equals 0.9756898573080499
S Duffy San Fran phone 15/5/03. Have just spoken at around 1pm with investor relations ERG Group S. Duffy, he states--what Cubic have done is filed a motion concerning misuse of taxpayers funds (this is a thing under Califirnia law) it does not affect ERG and MTC---MTC is quite happy to proceed with ERG---and deal with this matter (it and Cubic) on it's own. Cut a long story short it is not expected to delay San Francisco (Translink phase2) from proceeding as planned. Patterson address details Cubic 08/05/2003Expected Earnings Expected Earnings Announcements (approx) Release Date Quarter Ending 06/2003 08/05/2003 6th of August Australian time
86 88 90 92 94 96 98  100 102 104 106 108  110  112
low 29/7/03 92 vwap 95.51---volume Last 97vwap 95.51 vol= 3,037,541-29/7/03 46 million to ERG in the shorter term within two months of the 3/9/03 28.5 million (upon signing)--the remainder two instalments over six months--ERG currently has approximately--including the provision for 52.4m--42.5c cash per share--by November 3rd this will increase to 53.15c (28.5m adds 10.65408464876606242044272c cash per share--ultimately--in the mdeium to longer term even more--2 x cash equals 106.30--with a two month timeframe. By November 3rd--Lazio contract signed within two months of September 3rd--NTA should rise to 114.877100409056457918069543262793----115 rounded.
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