what does this mean for ewc?, page-8

Dear fellow shareholders,
these are indeed testing times,more so for our confidence. It is indeed the reason the sp has dropped so dramatically in the past few weeks.The syndicated newspaper articles(no published apology yet!) and EWC's better late than never qualification are the main culprits,along with EWC's perpetually poor PR.
I was surprised to see the sp drop below 38.5 but the seller/sellers just appear to want to clear their position. Approimately 45 mill shares have now recently traded below 46c,that is probably enough for the large HK based fund to have exited,and may explain it clearing the last shares at the low price. The previous trading day with 6.5mill turnover at 42/43 soaked up buying demand.Also end of financial year trading cannot be dismissed as with other sellers.
To my word I have recently bought again, at 41-43 remembering the old Chinese proverb, man that tries to pick the bottom, usually ends up with smelly hand.PNG is a basketcase, full of corruption nepotism etc.It is well known that a $100mill 'cooperation' offer was given by a multi national oil/gas company and those who will benefit have been rallying its cause. However what is not known is if the multinational has the backing of the Tribal Chiefs Council( remember Bouganville) and that in the last 2 months IWC suggested a multi billion dollar US lawsuit against the PNG government if it was force to relinquish its project holding.Then again we do have a PNG election going on,when politicians like to talk large.
The honest fact is that most large holders in EWC dont really care/obsess about PNG ,its relative return/risk profile is poor relative to other projects. The truth is EWC currently dose not have the funds/ cash flow to proceed with it now .It would have to go to the market or banks to raise additional funds ,at this time it is not going to happen. Cash fow from SengKang may and will dramatically change this and the company's future profile.
Abott Point has the potential for far greater returns, that's why SE wants to lock it up in a comfortable special deal/ company with Chandler. Shareholders in EWC should vote NO to this deal,its a very poor deal for other shareholders. Abott Point is 4-7 years off not 2.5yearsoff as SE stated 6mths ago at the AGM.Remember the first module was to arrive at Seng Kang in March 2009 and be functioning in 6-9 months yeah yeah. Abott Point has real potential for a $2-3.5 billion annual tunover, and SE /Chandler want a 30% holding in a new AbottPoint Company for $45 mill(I cant remember the exact amount, some now some later) This in addition to their already combined holding of 65% of EWC.Once SengKang is operating this amount becomes insignificant,< 4 months production.
These are volitile times the sp may well go lower but it has dissociated itself from the value of the company on political econonmics. What is fact ,now the Republic of Indonesia and the Republic of the Phillipines are actively assisting EWC in progress,the equipement is on its way Powerplant upgrade , LNG plant ,New siesmic and reserve upgrades, Phillipine gas storage facility these are real things happening now .PS also either already paid for or funding in place. Its a BUY you choose the price !
Cheers Doc.