Ann: Trading Halt-POW.AX, page-17

It’s not that hard to comprehend the market action yesterday. A Trading Halt ann builds expectation. The resulting announcement contained not a skerrick of new information that we didn’t know already on 4 May. Such an anticlimax on a relatively simple project exercise would cause some SH to sell. Lowering two Protean units over the back of a boat could not be a difficult manoeuvre.

Clearly something went wrong. Normally a project manager would arrange procedures so that actual events and knowledge leads any public statement by at least several days, i.e. you know the outcome before you even call a TH. What is it that they couldn’t anticipate in 48 hours? Bunnings running out of air line piping could hardly be an excuse.

The most concerning aspect is that permittings at Bunbury are due to expire in September. They should have had all 30 units in water by now to test and collect data over the winter season. There are only 4 months left and suddenly the period is further divided into Stage1, 2, etc. Sean is supposed to have been working on this for nearly 10 years so surely he must know something about path planning.

Juke