Hi Ilyas, As is quiet clear by now, as the (previous) offer was...

Hi Ilyas,

As is quiet clear by now, as the (previous) offer was withdrawn and no subscriptions accepted, no money was able to be raised from that offer. The reference to 'ongoing support from shareholders' refers, in my opinion, in the main to the ongoing support from EWI and other substantial shareholders.

EWC's 29 May 2015 ASX announcement contained a reference to the issuing of a supplementary prospectus. I would have thought that the wording of a 'revised prospectus' may have been more appropriate, advising the investment community of the fact that the $75million offer is still being considered, albeit with some revised terms, conditions and timetable.

For us, as shareholders, a perhaps somewhat cheeky (yet financially rewarding) scenario may look like this:
1. Timetable regarding new offer will extend subscriptions to mid/end July (or even into August), especially if shareholder approval is required. Shareholder approval was indicated as a requirement re: EWI's 27 February, 2015 $25million "working capital loan".
2. Prior to such a closing date for subscriptions, the following takes place:
a. Given the article in Petromindo (ie. Sengkang lng operations to commence in September, 2015), EWC will get the remaining finance for Sengkang lng and the SCB 'accordion feature' re: gas development will be able to drawn on (ie. if we believe the first 0.5mtpa lng train to be operational by September (let's even say October), off-take agreements (quantity and price) will have to have been finalised by now, so that the required final funds can be made available).
b. The finance for the Pagbilao power station will be finalised and EWC will be able to drawdown the funds.
c. Finance for the Pagbilao lng hub will be arranged and drawdown can commence.

While EWC share price may very well suffer in the (very) short term, by the time the new revised offer closes, it is highly likely to be well above 50cents, therefore allowing existing shareholders to arrange the necessary finance.........