Dear fellow shareholders , bored over the recent break, I decided to review the ASX postings by EWC in view of them deciding not to post a shareholder presentation update after the last AGM ,which they had done so with previous AGMs.
13/2/2007 200,000,000 shares issued at 50c a 5.5% discount to the 30 day average . Issue 2.6 times over subscribed.
3/7/2007 Placement of a order of 4 x 500,000 ton cold boxes to Chart.
2007 Presentati0n to Shareholders as published in bold print ,Current Shareprice $1.00 ,12 month average 85.5c !!! 21month commissioning for LNG plant June to September 2009 for the first 500,000 ton production and then an additional 500,000ton every 3-6months thereafter .
8/5/2008 130,000,000 shares issued at $1.20 at a 8.3% discount to the 30 day average.
So in 2017 how are we going ,still no gas, still no power and the shareprice averaging 25c. At the recent AGM it was stated that finance was pending on the approval of some remaining 15% of the require persons for the powerline access ,on my calculations that means approx. 6 people or entities. This was to be achieved by Xmas 2016. Once again a failure, no update .nothing.
Reading through the ASX announcements and Presentation to Shareholders it is disturbing EWC's management to achieve any stated time line.
29/6/2009 UBS& JM Financial group presentation( I believe this was their last investor /broker presentation in Australia) Abbot Point 2mtpa LNG production and powerstation to start within 3 years and even then they stated Sengkang was due to start in2010. Their failure to deliver as stated has cost shareholders HUNDREDS OF MILLIONS OF DOLLARS POSSIBLEY BILLIONS in lost and forgone revenue in a time of recorded LNG prices from 2010-2015, had Sengkang been producing and exporting 2mtpa of LNG as promised .
Then we had PNG 2-5 mtpa LNG production and powerstaion , I cannot recall seeing a relevant ASX notice of its cancellation but I may have missed it ,Listing on the Hong Kong Exchange ?? and getting dropped from the ASX200. If you have time go to the ASX website , under Announcements and view the annual AGM Presentation to Shareholders over the years . Maybe that is why they didn't post one this year and why the CEO didn't bother to present to the AGM (we're told he was at a very important meeting ,nothing seems to have changed or news from it).
I believe/hope that 2017 will finally see some of the major things come to fruition that this management has for a decade promised and constantly failed to deliver ,so close yet so far we sit and wait the patient shareholder. The upside is truly enormous for this company if the can finally pull their act together with no more excuses.
I wish all a very successful and rewarding 2007 oops sorry 2017.
Cheers Doc
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