i know who the seller is ??, page-4

I honestly think the market is not sure of ETC. The headline news sounds fantastic but the market needs to be convinced on many fronts - bona fides of the exiting contracts (will the Chinese gov't honour its side of the deal and will ETC actually deliver), sustainability of cash flows and income and so forth. I have no doubt the market was very disappointed with the company issuing shares at 50c which was on par with the share price on the day - it has been trending down ever since. A strike price of 70c would have given the market encouragement IMO. It was set too low. However, I'm actually bullish in this regard because my experience suggests that the issuance of a substantial number of options is usually the precursor to some very good news.

A further aspect that I think raises market concern is the capacity for ETC to deliver. This is a company that will deliver an operational NPAT of $40M in 2nd half 08/09 compared with $8M in the first half. ETC needs to demonstrate that they have the capacity to deliver what will be a period of exponential growth. Given the lumpy nature of cash flow, the market also wants to see the cash.

I do believe the company should be doing more on the Investor Relations front (try finding an analyst report on their website or someone to contact) but again, I take this as a positive i.e. the company is too busy focussing on business development (where the company's bread and butter and our returns will be derived) rather than waltzing from country to country on talk fests.

Another subtle sign things are good. They're recruiting in huge numbers. Work it out for yourself - you only recruit if there's growth.

The full year accounts will be interesting. Not so much the final numbers but whether the company pays a dividend or undertakes a share buyback or a combination of the two. I suggest you pencil in a dividend - at least 2c per share.

A final point. While the strike price of 50c for the options appears low, in practise no-one would entertain exercising their options if they weren't substantially in the money (suggesting a share price upward of at least 60c). Plus as it was a management share, it was always designed to attract good staff to the company.

Re no announcements. Announcements are about continuous disclosure. If nothing material has changed, then we should not expect an announcement from the company. I find it interesting the number of people on this forum who expect daily announcements.

ETC will deliver and the change in company name to better reflect its current business activity is a starting point and further evidence that the Board and Management absolutely know what they're doing. Yes, patience is a virtue.