Philippines power plant projects, page-7

Hi Ilyas,

The comments you make point to a major disconnect not only between the formal statements by EWC management (see eg. recent AR and Half Yearly reports), the information HC posters have been able to put together by their own efforts and research on the one hand, and EWC’s expected ASX announcements re: draw down of funds on the other hand.

Two more recent events spring to mind:
On 17 March, 2016 DrPinotnoir (whose comments I have always valued, because they seem to be based on authoritative information) posted that “ The Philippine loan draw down is imminent, the first loan approx. $150 mill USD then within days/ couple of weeks a second for approx. 80mill USD ….Once the loan draw down occurs that will be the start of a coordinated series of events and hopefully unleash the dogs of war on the shorters!
There are many other things occurring and from what I have been informed the EWC management have been hammering it to get there and they are well aware of the level frustration.

On 31 March, 2016 Shrewd, whose comments were based on very extensive research including the International Energy Agency, Singapore Exchange, Wood Mackenzie, Lazards and whose information elicited an enthusiastic and very positive response from hc forum members (myself included) posted, in part, “The first 400 MW funding is currently in final stages. I have accessed as many of the official sites as I can to determine where I believe this project sits in its approval process. These sites include the DOE, banks sites and others. My investigations have led me to believe that the CPs as listed on these sites have been completed. It is highly likely that the approval and drawdown of funding is now down to the wording of the approvals between EWC and the banks, i.e. they are probably down to crossing the t’s and dotting the i’s”.

It is certainly most frustrating to experience this disconnect which is, of course, reflected in the market losing all confidence, when these expectations have, in the very first place, been raised by EWC’s senior management, be it in the recent AR and/or Half-yearly report. One way to have avoided management not being able to deliver on time frames which are entirely at their own discretion, is to announce realistic time frames. This is especially true if one believes that management is well versed in operating in this geographic region.

To end on a more positive note, I just came across a 19 April, 2016 EWC job advertisement for a paralegal person , which included the following:

Job Description:

• Assist in the drafting of agreements, contracts and legal documents
• Conduct legal research for the preparation of advice
• Handle full set of company secretarial work and also its subsidiaries
• Organise board meetings and general meetings
• Assist with corporate compliance and administrative matters

Qualifications:

• Degree holder in Law, with 1-2 years legal experience
• Sound knowledge of corporate and legal regulatory matters
• Excellent communication, analytical and drafting skills
• Good command of English and Chinese
• Able to work independently with minimum supervision
• Able to travel overseas occasionally when required

Who knows how many t’s need crossing and i’s need dotting!!! (Hopefully, EWC does not have to wait for this person to commence work before the various funds are actually released).