Ann: Annual Report to shareholders, page-11

Dear fellow shareholders , as the sp slowly cascades down again on a otherwise buoyant market day it appears that there is very little positive sentiment for this perennial "its about to turn" stock. If you have the time or inclination go back and review the AMG summaries over the past few years on Hot copper. Page4 Oranje 24/11/16 , Page9 Umbeshi 22/11/15 , Page15 1/12/14 Drpinotnoir ,Page22 24/11/13 Oranje. With this years AGM due within 45 days ,this years presentation will mirror certainly the previous 2 and mostly the last 3 AGM presentations.
It would appear to be a absolute disgrace that despite assurances to the shareholders that things were back on track and the financing imminent by the end of each respective year. this will be the third (or fourth) year in a row where they will state that the financing should be resolved in the next few weeks and the first turbine up and functioning in the Philippines in the 1st or 2nd quarter of the following year.
As EWC continues to rack up massive debt to Slipform, perhaps it would be prudent to ask the Independent directors at this years AGM , that when approving the contracts between EWC and Slipform what Liquidated Damages Clauses they had inserted into the contracts along with numerous other safe guards for shareholders for dealings between EWC , EWI and Slipform.All of this would be of no concern if they had come within a bulls' roar of achieving some return to shareholders over the last 9 years as they continually promised. They may well get there eventually but we have certainly earned the right to be cynical , unfortunately that is how the market seems to be treating it. Good luck to anyone going to this years AGM and I look forward to your postings post AMG. I hope my cynicism is erased. Doc.