massive news price still cheap, page-16

P and BR

Interesting conundrum we have here.

We all know that the mooted $6 mill (now $5.5 mill from Monash "nominees") was to be used for DFT completion.

We now know that won't happen as ARUP have just accepted shares in lieu of payment and yes, whilst 0% interest rate it is discounted at 90% of VWAP.

We could speculate it was take this or get nothing, so ARUP took that, maybe even a higher amount as part compensation for the inconvenience.

We could speculate that ARUP chose this option rather than cash payment, but who are we kidding here.

Don't be fooled people, you think ARUP may not charge top shelf prices for this scenario?

Good news is that DFT will now be completed.

So, what this tells me is one of 2 things:

1) Monash have all along required guarantee for completion of DFT before releasing funds or it has been a stipulation placed on Monash by its funders that this be a pre-requisite,

or

2) ECT management have known all along after viewing the 9th Oct "timeframe" of funding letter received from Monash, that Monash funds were not going to be delivered by AGM or unless DFT costs being guaranteed.

We now may:

a) See Monash deliver funds as 1) above has been fulfilled and this may be anned before AGM or at AGM,

or

b) Monash still have issues with delivery of funds, hence the reason for the "Capital Raising" ann today with ARUP and yet more delays with Monash will be announced at AGM.

Hope for all it is a), but will say I have packed the powder back in the keg and stowed it away in the locker for the moment.

IK - gone very quiet after your nice little exhuberant post of your recent purchase. Some advice for you, never quote what you pick shares up for or sell on a forum, it will generally come back to bite you, especially in spec stocks.

Yes BR, at least GW doing ok out of all this at the moment.

Cheers K