Contrary Indicator?, page-56

2016 Annual Report
A legal document under Australian Law and duly audited by Ernst and Young:
(Page # references to the printed version)

Auditors Report (p146):
Emphasis of Matter
Without qualifying our conclusion, we draw attention to Note 2 to the financial statements which describes the principal conditions that raise doubt about the consolidated entity’s ability to continue as a going concern. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the consolidated entity's ability to continue as a going concern and therefore, the consolidated entity may be unable to realise its assets and discharge its liabilities in the normal course of business and at the amounts stated in the financial report. The financial report does not include any adjustments relating to recoverability and classification of recorded assets amounts nor to the amounts and classification of liabilities that might be necessary should the consolidated entity not continue as a going concern.

Financial Notes 2b (p81-82):
Going Concern
As at 30 June 2016 the group's consolidated balance sheet shows a net current liability position of $575.5m, which indicates a material uncertainty regarding the Group's ability to continue as a going concern.

The current liability position includes $420.7m of payables to Slipform Engineering International (H.K.) Ltd and subsidiary companies, including PT Slipform Indonesia (the ―Slipform entities), for contracts related to projects under construction. 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.

EWC executed financing documentation (Omnibus Loan and Security Agreement) referred to as the ―Philippines Power Facility for the first phase (400MW) of the 650MW LNG Fired Combined Cycle Power Plant in Pagbilao, Philippines, for the amount of PHP 6.75 billion (equivalent to approximately US$142 million) on 18 September 2015. The company has already satisfied 48 conditions precedent required for the drawdown of the loan. However, the remaining substantive condition precedent is confirmation of the ability to export power from the plant to the grid system. This requires an agreement on a transmission interconnection line. The Department of Energy (DOE) and other key governmental entities are actively working with the Company to achieve this requirement. Upon resolution of this transmission issue EWC anticipates to be in a position to commence draw down of the facility.

EWC also continues to progress other sources of funding to complete the projects under development. In this regard, EWC is currently in advanced negotiations with a number of parties and remains confident they will secure the required levels of funding at the appropriate time to successfully progress and complete the projects.

On this basis, the Directors are of the opinion that the Company can continue as a going concern and therefore realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report. This financial report does not therefore include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the company not continue as a going concern.

Chairman's Statement (p5):
Slipform Engineering International (H.K.) Ltd continues to support the Company. As at 30 June 2016 the Group's current liability position includes $US420.7 million of payables to Slipform Engineering International (H.K.) Ltd and subsidiary companies, including PT Slipform Indonesia (the Slipform entities), for contracts related to projects under construction. The Company agreed on 25 August 2016 with the Slipform entities to defer amounts due under existing contracts with the Company. As part of this arrangement the payables outstanding at 30 June 2016 have been deferred 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 as previously described via project debt financing and or other means.

Comments/observations:
1. There is a risk that if support from EWI/Slipform is withdrawn, that the company is no longer a going concern
2. Independent auditors have verified that risk and made special mention of it in their report
3. EWI/Slipform have confirmed their intention to continue to support the company, beyond October 2017 if necessary, in the form of contractual arrangements (The company has agreed on 25 August 2016 with the Slipform entities...).
4. There is always a risk that any arrangement can be broken at any time. It's just an executive order away.
5. The Directors (? all of the Directors) "are of the opinion that the Company can continue as a going concern". I suspect that the ones that were not happy with the (hitherto long term, ongoing, unbreakable) support from EWI/Slipform (and who may have been pursuing their own interests) are no longer directors? Alternatively, the board is stacked with despots all pursuing their own interests (as EWO would have us believe).
6. There is truth in every lie and the truth is never perfect...EWO wants us to fixate on Oct 2017, EWI/Splipform want us to fixate beyond October 2017, when "the Company is in a position to pay these obligations".
7. The imperfect truth is that EWC are not great at communicating and that there may be an element of nest feathering going on, but one must weigh up the risks and decide whether to stay or go, just as one must try and listen carefully  through the static (which I'm not so sure is possible at the moment).

Annual Report (p148)
Issued Capital
(a) At 31 August 2016, the Company had 1,734,166,672 ordinary fully paid shares listed on the Australian Stock Exchange Limited.
(b) At 31 August 2016, 957 shareholders held less than a marketable parcel.

Hot Copper 20/1/2017 10:14 Post # 22024478
EWO
Change of sentiment. I apoligise should of done this a long time ago.
Only hold onto small amounts but do not buy more!
No button for this sentiment.

So, probably one of 957 shareholders. Can't bring themselves to buy more and can't sell. Ouch! No wonder there is no button there.