Dear fellow shareholders, we greet with enthusiasm the...

Dear fellow shareholders, we greet with enthusiasm the appointment of 2 apparently well credentialed directors, I believe that brings a total of 5 new directors in the last 6 months. Kanad Virk, Greg Karpinski, Graham Elliott, James Dewar and Bruce Macfarlane. Previously I believe there were only 7 directors, so I wonder if they got Moe Larry , Curly, Curly Joe and Shemp to resign or it was actually Happy, Grumpy ,Dopey ,Bashful and Sleepy. One thing for sure Doc wasn't involved!
The Annual Report 2013 is due out in the next couple of weeks, tit will be interesting to get a update on time lines. 2012 AR pg 24 Sengkang LNG Plant the first train on line at the end of the first quarter 2014 then a additional train 3 months there after etc. Yeah right, it took them 12mths from getting the POD from BPMigas Aug'11 to shipping the cold boxes and equipment Aug'12. Originally they had stated the equipment installation was to start in first quarter 2009 and take 6 months for the first train to be operational. Aug'13 we know at least the equipment is on site , the tank foundations have been constructed. I believe it will be at least 18 mths from now before any LNG is shipped from Sengkang(making the project approx. 5 years overdue) but I sincerely hope I am wrong.
The current interim report equates to a 5%drop in demand leading to 9% drop in revenue a 85% usage rate of the 195MW with another 120MW coming on line recently or soon. these figures give EWC about a 3% return on equity ,(what interest rate are they paying on their loans? along with shareholder dilution with issuing of stock to whom they choose) This and a gross gearing close to 70% That's the pessimistic view.
The other view is EWC has always been confident that enough reserves of gas are available and could be proved up ,that along with the correct permission and required approvals the modular concept could be expanded to 5MTPA. The energy usage is approx. 20MW per 1MTPA ie 2MTPA =40MW 5MTPA 100MW so in the medium term the extra powerage may well be critical.
Looking at the shareprice Sept '13 Mid 40s', Sept'12 Low 50s, Sept'11 High60s ,Sept'10 Low/Mid 40s ,Sept'09 Low 60s, Sept'08 Mid 90s. My point here is that the shareprice is currently a total disgrace, considering what is NOW being achieved. The fact that the last promotional presentation in Australia, except for the yearly 2 hour AGM meet and greet for existing shareholders, I believe was in June2009 at a UBS and also JM Financial Group presentation to investors. I am aware that they have presented to investors in the last two years in Sept at the CLSA forum in Hong Kong. Have they turned their backs on Australian / Kiwi potential investors?? Cheers Doc
Ps Shamish I believe it was delinvestor or yourself I got the Jocquin updates from but it wasn't my find originally.