Ann: Resignation of Director - Mr. Kanad Virk-EWC.AX, page-7

Hi EWO,

I am not sure where you get your idea re: Slipform debt being able to be demand payment at any time from. It is just nit true. The 2016 Preli. AR states, on page 10 the following:

“The company has agreed on 25 August 2016 with the Slipform entities to defer amounts due under existing contracts with the Company in order to allow the Company to meet its debts as and when they fall due and as part of this arrangement have deferred all of these payables until 1 October 2017, or until the Company is in a position to pay these obligations, thus providing time for the Company to secure additional sources of funding via project debt financing and or other means.”

This makes is crystal clear that it is not Slipform which can demand payment at any time, but that it is EWC which can pay back all/some of the debt prior to 1 October, 2017 if it is of the opinion that its financial situation allows such a repayment. And once EWC is in such a financial position, its major projects will have been commercialized with a concomitant share price. Hence, if SE wanted to take over EWC, they had ample time when the share price was hovering around 2 cents!!!! He did not want to do it then, he is not going to do it now and why would he want to do it at a significantly higher share price?