Empire Energy Corporation Intl. (fka EEGC)

[Drunken Sailor]

It is intended that TOG then arrange a further immediate cash investment of $500,000 by way of a convertible loan note with investors to fund the running of the business

Interesting that the TXO announcement said nothing about this.

Alpha Prospects Plc has agreed, subject to certain conditions to subscribe for a 20% shareholding in TOG in exchange for a cash investment of USD $1,600,000

Interesting that the Alpha announcement did not say how the 20% would be subcribed for. They do not have the cash and so far appear to be making no attempt to raise it.

The guff about VA receiver and manager is just that. A receiver was appointed at the last minute to be able to appeal the licence refusal. GSLM assets get sold into TOG (presumably for just enough to cover the liqudators and receivers fees) GSLM becomes and empty shell that gets deregistered ie the end of the liquidation process.

TOG will appoint a new professional and independent Board with proportional representation that will have the day to day control of TOG

Ie as the biggest single holder although not a majority holder it would appear, contrary to BG's hopes.

TB and his related companies seem to have control of this now, which whilst better than I expected is perhaps inevitable. Empire have had their chance and screwed it up, now let TB have a go.

And

there is no debt, no Mr. Bendall by the sound of things and 3 plc's supporting it. Must help when applying for the Licence extension

Hooray we still have more Bendallian BS to look forward to! I had a feeling they would not be able to gag the idiot for long.