Ann: Director Appointment/Resignation, page-13

Why would two independent directors resign just as the company is due to source financing and complete company changing projects? They wouldn't. I don't believe they were pushed. They left because the risk is too great.

Chandler's influence on this company (or directors) is no longer relevant. EWC probably fit into his simple big ideas framework (Asian energy demand) and was heavily promoted by CLSA at the time of investment (which Chandler liked to source ideas from). CLSA no longer cover the stock and my guess is that Chandler purged any staff directly related to the investment a few years ago. Chandler looks for 3x upside and is willing to lose 100% in the process. Are you willing to lose 100%?


A look at page 1 in the accounting notes tells an investor all they need to know about risk versus reward. EWC is a binary option with the outcome heavily dependent on the charity of the largest shareholder. Thus, the stock is trading at a price typical of an OTM call option.

No doubt someone will end up making a lot of money off these assets...