Probably should have read “voluntary extension of suspension” rather than an “extension of a voluntary suspension”. I thought they were automatically suspended rather than they requested a suspension. This is essentially a trading halt and may have appear better to market than an auto suspension.
The wagovt withdrawal of funding obviously has serious implications on the funding proposal and they will likely be talking to all the VC and financing avenues they had lined up. Possibly the auditors will be looking further into the viability during that period. CCE well and truly appears to have had a number 3! What strategic review options could their be? Demerger EMC and sell (wouldn’t put it past Davidson to buy back his company at cents on the dollar). Liquidate EMC? is there any possibility holding EMC would be viable in future? Administration?
Funding options - capital raise? Share consolidation and raise? Probably not viable after the last CR efforts. Crowd fund? Sale to Enel or other party like say Tesla? How does these sound Enel Wave Energy perhaps or Carnegie Enel Wave Power. Tesla wave (someone tweet @ Elon!)
Be good if they had some positive news that was welcomed by shareholders. The head in sand approach helps no ones as people panic and sell or sell out of spite. Presently and for some time there is just cause to sell, the true gamblers would be getting a real bargain in some cases if things pick up they’ll be laughing.
Hopefully next week we’ll have some positive news (but I doubt we’ll buck the trend).
CCE Price at posting:
0.4¢ Sentiment: Sell Disclosure: Held
