ERHC Energy Inc (ERHE)

[bayfisherii]

It will be interesting to see who buys this offering. The powers that be seem to have been trying to shake off fragile investors for the last 8 months. With some success, but maybe not enough. If you look at the economics this could be a way for someone to pick up 25% of ERHC for only $50 million. If a buyout announcement is forthcoming then this is a great way for someone or something to grab a large amount of the future proceeds.

Devaluing your stock price by 25.6 % without a planned acquisition and publicly stating that it is only to allow ERHC to be able to target future acquisions especially when you have over $20MM in cash. This smells like a class action lawsuit and is another indication that Peter and the board are either up to something or are not thinking clearly.

Bay