Re-emergence of extreme commentary and sentiment, page-2

The comments you make are unfortunately either ill-informed, lacking in rigour or just completely inaccurate.

A connection agreement involves a technical and commercial solution for the grid operator to provide grid access for a fixed price and under a pre-agreed time frame. In project finance this is always secured before a sod of soil is turned. EWC absolutely does not have one of these otherwise the Development Bank of the Philippines would have released the funding as it is the FINAL CP to draw down.

It takes one year at most to build a OCGT power plant - this project is under construction for 4 and a half years to date (see 2013 annual report – commissioning due mid 2014) Should your forecasts come through we will be four years late at least.

At last year’s AGM, the four options you point out for the connection above were also presented and it was declared that the 12km exclusive line was the solution. A year later and we are now back at the four potential options and none of them appear like a real solution. They are all fraught with issues with no clear path to resolution.

Your reference to a DOE website that has a presentation that contains EWC is spurious. As with any planned development project in any country in the world it would be completely remiss of them not to highlight it in their planning - this is meaningless from the perspective of cold hard revenue to EWC.

You also reference a letter from the House of Representatives supporting the project. If only that was what was required to get a resolution to this issue, the stakeholders involved in the Philippines power industry run deep and are extremely powerful, one minister or even a government may not be enough to overcome them.

In the last year some $60m of capital has been deployed from internally generated cashflow, sources of funding have dried up as huge swathes of debt have become current. The company is now also crippled with an 8% rate of debt on Slipform monies which will suck up most of the internally generated cashflow.

Little to no progress has been made in Indo. The equipment has been on the ground seven+ years at this stage. Elliot seems to have given up also as no real money has been spent there for two years. The offtake agreement for the LNG has been promised for five years now and this truly at risk of being a stranded asset with Indo policy on domestic gas.

I have no care for the vagaries of the short term nature of the market and how shorters operate, they can do what they like. The share price is irrelevant for a long term holder, intrinsic value through cash flow will determine this company's value. I am not concerned with how it tracks day to day except if it goes so low that it will be a takeover target.

How you claim the above is progress is beyond me. It appears you and others on this thread do not like facing the true facts and are blinded by promises from management that have proven false for decades.