My first posting in Jan 2017 highlighted the extreme negativity...

My first posting in Jan 2017 highlighted the extreme negativity of postings and investor sentiment signalling a good time to buy.

In EWC’s case this can be particularly rewarding given the assets built are real and appear to be an integral part of the gas strategy in the Philippines (see the link below and following comments) which lowers the risk profile of the investment.

Since the first posting shareholders have been able to trade this sentiment change a number of times. In my view the swing in sentiment has been driven mainly by cleverly managed trades by hedge funds trying to profit by shorting the stock, breaking sentiment or reinforcing negative sentiment and then covering on the back of broken sentiment.

The shorters (hedge funds) are at it again. Gross daily shorts are once again a major component of total trades. Further evidence to support this view is the way the bots are working to achieve this.

As the recent fall in the share price accelerated, HotCopper commentary got more negative with a number suggesting that SE built this project without any agreement on connection - this is extremely unlikely to be correct.

The most likely reason is that existing coal operator’s resistance to his project has been so extreme that agreements/progress has been “interfered” with. This is clear from House Resolution 1034 (http://www.congress.gov.ph/legisdocs/basic_17/HR01034.pdf) which is calling for an official investigation into the delays.

I note the negative commentary on options to connect. The increase in the options was provided by the authorities. Doing this not only shows the level of official support but also provides both direct and indirect pressure to resolve the connection issue.

I have accessed many government and other official sites. The support for this project is real. It is highly unlikely that a solution will not be forthcoming from at least one of the 4 options for connection put forward in the annual report.

There are many documents, but the best document I will refer shareholders to, is the one I found on the DOE website presenting the Philippines Natural Gas Strategy Road Map. https://www.doe.gov.ph/pep/downstream-natural-gas-roadmap-2017-2040

You will note this is a DOE document and has not been written by EWC. It clearly shows EWC is an integral part of the gas strategy going forward.

Shareholders must develop their own views on the likely success of this business, however some of the commentary on this forum makes no sense to me and can only come from those who have been affected emotionally by the work of the shorters (well done shorters) and not from those who have carried out extensive research.

It has been unfortunate that this has taken a long time, however todays investment decisions must be made with the know ledge of today. The historic delays are unlikely to be repeated with the current evident official support.

Finally to suggest there has been no progress since the share price was 20 cents in my view is simply not correct.

Once again extreme negative commentary and sentiment now exists following a falling share price - let see what happens from here.