lets call for an egm: change of directors, page-20

I wouldn't be holding out for a buy out from these 'Directors'. Firstly The timing of Falnnery's installation as CEO suggests there may have been an attempt to smooth the path for the transaction and the BIG PAYDAY for the boys! What then, sell down their stakes to cash out of WEC too?

As for what they'd be buying the only asset at this time is a shade over $100m cash. With the liability of the signapore legal case with PT Bayan coal over the Tabang plant. WHat value do you place on the Tabang Plant now on care & maintenance? What value do you place on the 'technology' which Bayan walked away from believing it to be a dud. They've been working on it for 4-5 years (and longer if you consider the CSIRO development phase) without signing anyone other than Bayan to an agreement. The leases bought from SA coal are still a long way from any mining activity. The Cessnock plant is a test facility.

These guys are not putting any of their money into your pocket, the entire strategy is reversed. Undoubtedly the Cascade deal was a dash for quick cash but there may have been benefits for WEC sahreholders if it had gone through. The price was too high but if a mine could be established then WEC could have held at least 1 decent asset which may have imcreased shareholder value over time.