ERHC Energy Inc (ERHE)

[balance_builder]

I think the co felt it necessary to clarify the information that was given at the shareholder meeting. After all, their presentation didn't indicate biogenic gas was found in all 3 blocks (only B3) and their filing didn't indicate ANYTHING in regards to biogenic gas being found.

So, you present this material information (yes...material as we are a one trick pony and drilling results are MATERIAL) to about 3% of the shareholders at a NON webcasted SHM and your sp drops 35% the next morning. Don't think for a moment they don't have to try and clean this mess up.


I also find this interesting from TODAYS shareholder update:

"The option of an Exchange Offer that was described at the Annual Shareholder’s Meeting is being compared with alternatives in order to reach agreement by mid-June on the approach that best suits the Company's objectives."



Why is this interesting???? Because it IS different from the managements presentation at the SHM whcih stated:

"With the guidance of our sponsor and advisors, ERHC’s Board of Directors has approved a strategy and plan of action, which includes the implementation of a restructuring of the organization."


and........


We have agreed with our advisory team a strategy that has three primary elements.

Step one, is to establish a new wholly-owned subsidiary – ERHC Energy plc. More on that in a moment.

Step two is to seek shareholder approval of a proposed voluntary exchange of existing shares for shares in the wholly-owned subsidiary that will be listed on the AIM. This exchange would be offered to shareholders but without any obligation on their part to accept. Those who prefer to keep their shares in ERHC Energy Inc will be able to do so.

Step three is to list ERHC Energy plc on AIM.
http://www.erhc.com/en/art/136/



So...at the end of April they have AGREED to a plan and today they are simply comparing alternatives????

Seems listening to this managment is confusing at best. Inaccurate to be certain!!!!