Invert i agree wholeheartedly with most of your post about the DPI and the way they have hindered and slowed progress of not only ESI and Coldry development but the whole brown coal in Victoria scenario. Time lines swinging and changing with goal posts moving from non commercial techs and companies needing financial assistance in bringing techs with huge potential but without the ability to fully fund and develop their techs to multi billion $ companies with commercial techs tweaked to appear as not commercial techs. These goal post changes looks to have eliminated ESI who originally with a tech that is at the forefront in delivering a product that's efficiency and deliverable product seemed to outweigh others even according to a moinash uni study. So suddenly the government now realise that having all these billions of tonnes of coal and no infrastructure and port means wow we need some big $ companies rather then techs that deliver a better end product. So finally ESI and we holders are put out of our misery of waiting. Some are suggesting ESI hid something from us but at every point ESI has always maintained what the DPI site had said and adhered to this. They even told us at the AGM they had not been made an offer. SO what have they hid from us and what false market have they given us. I would say the DPI has kept things from ESI and the market and the community and created a possible false market. The DPI stuff up of letters being sent now seems to fit in with this that successful applicants found out and ESI went into a halt at that point to not create a false market but were informed by the DPI that no outcome had been achieved. So the DPI changed the wording from successful candidates to outcomes and the DPI deflected what some like Tome Arup seemed to already know that candidates had been picked. ESI then kept going on with what the DPI had said which was no outcomes have been achieved and with timelines changed and no letter to say they had been knocked back gone about business as usual. Some seem to think ESI should have announced we think we may not have been selected as we don't know. It seems the government picked a nice time on NYE to say thanks your out. Great and now we move on with India.
Ok invert the part in your post about lind i do not agree with. The lind announcement clearly stated that the 20 mill finance package was to be used solely for funding the CDP in India or the LV. Not LV on aldp success but on either or. With ALDP now over ESI and Lind are fully focused on this partnership to commercialise Coldy in India. Below from the 24/12 announcement.
) (ASX:ESI)is pleased to announce that it has signed a Terms sheet with finance providers The Lind Partners LLC , Manager of The Australian Special Opportunity Fund, LP (together, Lind) and Australian Investment house Peloton Capital that covers the following: ! The proposed full underwriting of the planned new issue of listed options, as recently ap proved by shareholders at the company's AGM on 29 Nov 2013 ! A $A20 million line of trade finance, for the specific use of supporting the company's planned Coldry Commercial-scale Demonstration Plant (CDP) projects in Australia or India.
Yes today is a painful day on the back of this news but India and the focus the company can now move towards may seem far away but my take is we will move swiftly and the ALDP successful companies will be left far behind of what ESI will achieve in India in the space of time and ability to deliver commercial roll out and ability to generate revenue well before Victoria has the ability to deliver on a brown coal export market. ESI has stated that brown coal export infrastructure is 8>15 years away. Is 20 mill ALDP $ really going to help Coldry achieve commercial success here in Aus or is India going to deliver commercial success in a much shorter lead time. Speaking with Jeff Castellas at the AGM who has been part of the ESI India strategy he seemed to believe India was the ultimate way ESI will achieve success. He has worked with Yes bank for over 10 years and forged strong relationships in India both in the financial and fabrication sectors. I believe the market soakers are buying ahead of what will unfold with plans of development in India. Today is not a day to sell and panic. Lind are not walking away and are committed to commercialisation whether it was here or India and clearly states so in the announcement. %0 million shares out of 2 billion sold at .006 to who and if this is as bad as some think they might want to move on or should have done so already if they knew all along that ESI were no going to achieve success. All involved here including the ESI board and holders would have loved to see success in the ALDP but the government has chosen its own ways to achieve an outcome that will for them it looks like achieve financial assistance in delivering the infrastructure and port requirements to deliver on their brown coal export market goals. How far away that is now who knows but i believe ESI will achieve more and quicker before any coal is exported out of the LV.
ESI Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
(20min delay)