EMC Acquisition, page-12

Not wishing to say I told you so...

There are only two conclusions that one can make from this debacle. Either;

1. The CCE board is totally incompetent and hadn’t done proper due diligence on EMC

Or

2. EMC misrepresented the true position of the business.

Infer what you will but for me it looks suspiciously like a good old fashioned confidence trick!

I note in a time line that since Mr Davidson went onto the board there has been significant turnover in board members and senior staff. It is very clear to me what the CCE board think of Mr Davidson given he has no seat at either the CCE or MPower table after only a year.

Whilst MrDavidson’s shares are still in escrow, he is ultimately the only person that will benefit from this sham. Shareholders are left with absolutely nothing as per usual.

The chances of CCE being able to pull through this I believe are very slim. In my personal opinion It is now almost a forgone conclusion that CCE will fold. It is going to be very difficult to come back from this.

If CCE fold, people need to be held to account. Hundreds of millions of taxpayer dollars and mum and dad retail clients money have gone into this business.

This is gross mismanagement and needs to be investigated by ASIC. The public and shareholders deserve answers.

More heads will roll.