POW 0.00% 0.8¢ protean energy limited

Ann: Appendix 4C - quarterly-POW.AX, page-3

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  1. 143 Posts.
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    I was thinking the same thing.

    Surely POW has to issue a quarterly activities report? I'm not too sure on ASX reporting deadlines but I thought it was due by yesterday at the latest?

    No announcement regarding the deployment of the buoys in Bunbury so it appears the April 2016 timing guidance (as provided on 29 March 2016) has been missed.

    The announcement on 11 April 2016 said the study will commence with the deployment of the demonstration wave farm "during the coming weeks." It appears my definition of "during the coming weeks" differs to that of the Company as I interpret that to be within 2 to 3 weeks of announcement (it has now been 3 weeks).

    Also baffling why the demonstration wave farm hasn't been deployed yet for the following additional reasons:

    - 11 August 2015 the Company successfully tested a buoy off Coogee Beach in WA.

    - Announcement on 10 September 2015 said Bunbury Port Approves Deployment of 30 Protean Devices.

    - The November 2015 prospectus (from memory) said the buoys for the demonstration wave farm were already fully funded.

    - The license to use the buoys at Bunbury is for a period of up to 6 months starting from 31 March 2016. So essentially we've wasted a month of the agreement.

    It seems like there has been more than enough time to get these buoys in the water. It begs the question, what is going on?
    Last edited by Neptune123: 30/04/16
 
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