Ann: Northam Partial Sale Update, page-32

There is no positive historically or going forward.

Firstly -- every business transaction/decision that the company entered into or made in the last 2 to 3 years has run off the rails. This was due to MO the previous CEO being the driver of the CCE bus (driving without a business licence) . Also the Board/Directors had very little business acumen , not being street wise and /or not being hands on in controlling MO's business decisions (THATS WHAT THEY ARE THERE FOR).

Secondly -- the business model was built around using OPM (other peoples money) and for that to succeed for many years MO did this by getting money from the Federal Government, State Governments , the ATO and foreign countries under the guise of R & D re Wave Energy. When All of that money was not enough to keep up his lifestyle/charade and keep the doors open he went cap in hand to the Shareholders under some other you beaut deal?
All the while along the way funds were mismanaged ( or mispent) and Shareholders and the broader market were fed some BS.

Thirdly -- the current CEO & Board have been there all along and one cannot see how they can turn things around so that the Company survives . In fact if their decisions since MO was fired is anything to go by then the Company is doomed . The only way for this Company to survive is for Shareholders to remove the total Management Group/Board and employ some Executives with entrepreneurial success and change the business model ?? , whereby SH would participate in a "survival" capital raising willingly.
For this to happen a majority vote by SH is needed and therefore Mr Fitzpatrick would have to change camps.

Finally --I guess he has been duped like the rest of past and present SH and the only way he can salvage his large investment in CCE is to be instrumental/involved in a total upheaval.
Unless that happens the abyss is nearer by the day.

My only regret is that I did not wake up to the charade early enough even though I sold out progressively late last year/early this year , at a significant loss.

The Wave Energy business is unlikely to ever reach commercial success and in any case cash will likely dry up long before any success is forthcoming.

The future survival and potential success of this Company is totally in the hands of all Shareholders and not the current Administration.