The merger completion was postponed to June 30, 2010.
EN did not extend the exercise of the option by the Chinese group to invest in the Caldag Project. EN subsequently notified shareholders that it has entered into an understanding with a consortium of European banks for the funding of the project. Shareholder are not happy with this development. Share of EN has dropped from a high of 10 pence to about 6+ pence.
Meanwhile its good news for us employees of the local company of Rusina. The share options given to us will be converted to fully paid shares of EN. According to the merger agreement, 5 Rusina shares will be exchanged with 4 EN shares with a premium of a minimum of 20%? Even though the shares given are not much, its will become significant in the near future when the project pushes through.
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