Replies to post #13818 on Empire Energy Corporation Intl. (fka EEGC)

[19th Hole]

It's good too see your starting to understand why Malcolm wants you to purchase rights offering.

[BobSinCA]

Interesting question of mechanics re: when Malcolm is able to buy his committed shares.

I do not know the mechanism by which he would buy the shares at .07 AFTER the RO is over -- anybody know?

My GUESS is that during the overallotment period, you put in for as many as you are willing to buy, and the shares are then allocated pro-rata. So, Malcolm need only put in for ALL of the unsubscribed shares at that point in time -- since that is what he has said he is willing to do -- and we will be done.

If I am right on these mechanics, no value for other shareholders to subscribe at all, as there will be no time value in subscription, since it is a given that we will go to overallotment period and all shares can be bought by Malcolm at that time.

If on the other hand there is some additional process that has to be followed after the overallotment period, and Mr. Bendall perceives the same importance of time in this equation that you do, then he should be laying all of the parallel groundwork so that he can buy the unsubscribed shares the day after the overallotment period ends -- so again no time value.

Perhaps someone knows the precise mechanics involved, so we can all understand what paying 2x the current value buys us in terms of time to begin drilling?

And in any event, if we know we are buying a rig off the production line, then the order must already have been placed, and perhaps that is the gating factor anyway.