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30/06/18
23:20
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Originally posted by KEG75
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Cce looked great vs evm. Now not so much. I’m on both too.. hope is used a lot on evm and it seems now after the emc debacle that we’re gonna need hope here too.
I didn’t like the pivot with emc and to not see the revenue and potentially profit on the books for the last two quarters I was concerned. This is basically now showing us all why nothing came through. I think there were good intentions and something was missed or overstated. The accountants aren’t stupid so hardly think it was an error. I suspect the valuation was basically an Enron style valuation where someone overstated the income from future projects.
Suspect people will have already contacted asx and asc for a please explain hopefully it doesn’t lead to a suspension as it has with evm.
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Yes, it looks as though the problem was with the projected project pipeline. On the other side, Davidson was paid in shares, not cash so he gains nothing if it all goes to pot.