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Thanks, that's exactly what I meant!!!!
Cheers
Brez
I like the lower lows, and higher highs!
Cheers
Brez
Fantastic work and patience to put all this together for us!
Thank you
Sincerely
Brez
Really?
Marty,
No worries
Cheers
Brez
Marty,
1. How do you know what I print when I'm at work in a vault?
2. If you got something better to "pin" please bring it to our attention.
3. Good morning to you.
Brez
Correct Tryoty, good catch.
Cheers
Brez
I sent a couple of emails to Dan. Here are his replies ( with his permission). My questions are simple, since I am not an expert in this area.
Dan,
Please tell us why there will be an increase from 950M outstanding shares to 3B!!!!
Proposal 1 from 14 A released today.
Thank you
Response
Thanks for your note. Let me preface everything by saying today's filing was a preliminary Proxy Statement as required by the SEC and it could be changed.
Oil and gas exploration is an expensive business and ERHC Energy needs the funds to realize the value of its oil and gas assets in Africa. The proposed increase in authorized shares of Common Stock would provide the Company with the necessary financial flexibility in structuring future capital-raising, acquisitions and strategic alliances, among other potential initiatives. It would enable ERHC to issue equity for various purposes, including funding work programs with respect to the Company’s existing acreage, including exploration and drilling programs and other financial commitments on licenses in Kenya, Chad and the Sao Tome and Principe Exclusive Economic Zone.
These exploration work programs will require that the Company make substantial capital expenditures over the next several years. The added capital from could be used to offset costs for related performance bonds, equipment and facility installations, geological and geophysical studies and associated exploratory drilling activity. In addition to the Company’s ongoing work programs, ERHC continues to implement its growth strategy -- identifying strategic opportunities to grow its asset base. Success in any such efforts could require that the Company make significant capital expenditures to explore, develop and ultimately exploit any discovered oil, gas or related byproducts located within any such acreage.
In order to finance the Company’s capital requirements, the Company depends on cash or cash equivalents on hand. One of the ways the Company may seek to raise additional cash may be through the public or private sale of the Company’s equity securities. If shareholders vote to approve the authorization of additional shares, it would give the Company further flexibility to raise additional funds.
Sincerely,
Daniel Keeney, APR
DPK Public Relations
Next Email
Dan
Thank you for your response. At first view, this comes across as a major dilution of value for current share holders. Used in appropriate ways, the increase in shares can be beneficial to all. Unfortunately, for a nine year holder of this stock (~1M shares) I see next week as a very painful week.
Any releases that you can do to try to explain the companies way ahead with this proposition, so that we don't have to wait for the end August meeting would be appreciated.
I would rather discuss the merits of a proposition or " game plan" intelligently with fellow shareholders for the next two weeks then listen to fearful "what ifs" which ultimately drives the SP down.
Thank you for your time
Response
That's why I wanted to explain that what has been filed is a PRELIMINARY Proxy Statement. Until we get the SEC's blessing (they have 10 days to review it), we won't be out there promoting it because we won't know for sure until approved what "it" is. We have had numerous circumstances where we have communicated a plan only to have the plan withdrawn or changed. In this instance, we will wait until we know the approach is approved prior to communicating about it. In the meantime, the filing itself includes a clear explanation and rationale. The key is to understand the Company needs funds to meet near-term obligations as work programs in Kenya, Chad and (soon) the EEZ get underway, and it would benefit from having greater financial flexibility that would be possible by increasing the number of shares authorized.
Sincerely,
Daniel Keeney, APR
DPK Public Relations
Possible, but not the only option.
Brez
Well good news is, they only have two years to come up with a plan! So compared to waiting like my last 10 years, this will be a piece of cake!
Cheers
Brez
Great so a great block for cheap with 10%(+10%) to Gov and 5% to Circle. So great 75% ownership of block.
Worst case if we lose 2/3 for full carry and cash. We are left with 25%, cash, no debt.
I'm ok with that
Brez
So Kenya paid for and 2 years worth of cash?
Not that bad.
Brez
Thanks TamTam,
Nice to see the sig bonus for Kenya is paid. Does the $310k bonus figure in the $1M quarter expense?
Either way, cheap block!
Cheers
Brez
Really?????? Wow .... Really?
Agree. If erhe were to get a similar deal: 35M cash + 43.5M in cost ( if I read it correctly) it would be an equivalent to approximately .10PS.
That would definitely propel the SP into stock option territory o .20 for ERHC officers.
Cheers
Brez
They're going to go to .20 to get those options! Then I guess they'll be looking for .75!
Cheers
Brez
Honestly, scroll back the post to 2003 or so and start reading.
Thank you,
Cheers
Brez
Well said and I agree.
Cheers
Brez
Wow, now it makes sense!!! Thanks I finally get it!
Great. Start pumping to restore the balance!!!! :0)
Brez
When addax was bought out, the news was out on Macau news. The company even denied it at first. Therefore it's not unique to ERHC!
Seems to me that hindsight is 20/20, but if we don't even bother to look forward we are blind to potential new developments. So, what else will you miss?
Good timing for a leak, Monday morning. Now if the price could percolate up for the rest of the week that would be great!
Hope all the Canucks had a great Canada Day and a happy 4th to all our US friends!
Cheers
Brez
LOL!!
Cheers
Brez
Karma...baby...karma. Eom
Thanks that is good news.
Cheers
JM
Wow how did that happen?????
Good morning Tamtam!
Brez
Ah got it! Intellectual jousting! Have at it. :0)
Cheers
Brez
Krom,
I may be misunderstanding the poll. Why would it matter how many shareholder voted for or against? 20 SHs with1,000 shares each, do not have the same voice as a single SH with 1,000,000 shares.
The voting is pretty simple, you want to effect change, buy more shares. If you are riding the coat tails of bigger shareholders, then sit and enjoy the ride or get off their coat tails.
Cheers
Brez
Yep there is. Of whom voted, the majority won. That's how it works, period.
The real fact is that the majority of the shares voted. End of story. Get over it.
Brez
Yeah! April 2009! Let's hope it does cross over ( I believe it will) and lets hope next stop is $0.9!!!
Cheers
Brez
If I'm reading the trades correctly on "iHub trades" all buys at ask so far except for the early two trades.
Looks like some like the " sec letters" news.
Cheers
Brez
Yeah right. Please, next you'd be demanding that they ask the board permission to carry on daily activities.
Nice.
Thanks
Brez
Pretty much what most of us have been saying " they are dressing up the company for the dance. ".
The only thing is we don't know what event or asset, other than oil, will finally trigger a buy out. BOD is obviously looking for that as well. But I'll tell you what, having legal confirmation that the investigation is over is definitely a step in the right direction.
Brez
Oh... Ok I can live with that! Phew that was close!
Cheers
Brez
What???? We only have 4+billion years left???? Jesus women you can't drop this on me now!!!!!
I don't consider the news about the "letters" as "same old rhetoric", unless they have been saying it for the last few years and I've mist it!
Now, just for once, be friggin happy for what we got because its a lot more than what you expected!!!