Sep 41c Oct 31c, page-9

Dear fellow shareholders, as a follow up to my previous post with regard to this years AGM and the previous 2 AGMs let me allow some further information. Firstly in reply to TDJHM ,yes Richard Chandler via Clermont is still very much involved. A recent (a couple of months ago) by them to the Philippines project resulted in them "topping up" on there shares in EWC ,the shorts who appear to be well informed responded on this and you had a very minor squeeze causing the sp to 48c , unfortunately very short lived .
In the absence of any new news and the release of the annual report (it looks like a cut and ppaste from the previous 2-3 years ) with the stated debt owed to Slipform and narrowing time lines has proven fertile ground for the shorters to again knock the wind out of EWC small sails.
So where are we now? Evidently they have secured the names of the property holders for the transmission line , which proved to be a far more complex task than originally anticipated. the problem lies with the situation that EWC has offered very generous purchase terms to the owners but some want to sell all their land in the deal not just the land required. The result is the purchase value goes from 3x to 5x market value and a substantial amount of money is involved. Therefore the other options arise . Cutting into the existing 69Kv line for the first 300Mw of production , the easiest stop gap measure, unfortunately word is that one of the people involved here is a relative to one of the competitive power companies therefore extra effort/ pressure is having to be applied here ?? success . Secondly build a submarine cable connection , this bypasses most of the land owners and gives un hindered ability to handle future load increases>3000 Mw output It is expensive (but less than the total land purchase price) but requires further approvals .
To proceed with the land purchase ,not in total , but as required is ideal. To proceed in total is expensive and would require finding the funds which has to be counter balanced against the loss of considerable earnings an debt servicing /reduction.
One thing I am sure we can agree on is that shareholders want leadership and to resolve and inform us now. Doc