Ann: CETO Update, page-13

Surely EMC was in operation for some time before CCE acquired them. Where is the income and expenditure info from prior to the buy out? What does that show and how does that line up with CCE info. With CCE being a parent company how does the subsidiaries financial information get shown on CCE reports. Could you work out some level of growth from pre and post CWE.

With regard to MO pay packet and income performance - there's a lot of bleating how bad it is. it doesn't look great but there are some long lead times with these projects (governments are slow to do things). In every situation there is a silver lining - If you have cash wait for those people who bleat, then sell, then bleat some more to drive the price down and pick up more shares - it will reduce your average buy price hopefully. With the amount of projects announced and income projections you would assume that we will be posting some revenue soon and If CETO6 is a success (which I suspect it will be) then that will improve the situation moreso. If a JV project is 6Mil then I assume we would be paid 3mil (depending on how expenses are done that may or may not be a profit). MO said in the last couple of releases that they is usually 12-18mths before income is realised. I would have thought there would be claims along the way (which would come up on the 4c's etc) but perhaps they are more for reimbursing cost of purchasing materials etc (the final payment would show the "profit" (hopefully).

I thought that the line about the CETO 6 connection to the grid was important information and mega beat me too it. No one else saw that as a positive (until mega posted) and even then most are underwhelmed.

With regard to what a few hot copper posters can do I suspect it is nothing - I would suspect that we would be a very small component of the investors in CCE. I suspect that the new CR will be over subscribed. I doubt that we will fall short. The institutions will be scrambling for a piece of the action. They are more savvy than the Govt and the Govt keep coming back with more cash. Keep in mind governments won't be throwing good money at this for nothing as it would come back to bite them in future elections. If a government is putting money into something there is surely something behind CETO and wave. I don't really think that the EMC side of the business is really of interest to them.

I am concerned about expenditure but it is driving price down and it means you can buy more shares for cheap, which is always good. If they start to post some big wins and that is reflected in the bottom line then I am sure that SP will go up. I doubt it will be any time before Christmas though. Hopefully the SP doesn't decline more but hopefully there are some things that happen soon that will limit that prospect.

Buy Wisely!!