Ann: Notice of General Meeting, page-19

A few extra points:

1. Don't let Aidan Flynn go unrecognised for his outstanding work here. The "CFO" of Carnegie who must have been incompetent to sign of on buying EMC and who moved on to another ASX 'R&D' company. He jumped ship before his incompetence was fully revealed (at least externally).

2. Garden Island - do we know much about it? We have some high level gross revenue number, no generation numbers, some forecasting of expenses still to come and a hint the contract with its only customer may not necessarily be renewed in a couple of years. Is this another total dud. Even if it nets $250k - that will not pay te costs of just the CEO. I predict they will soon sell it for ~$1M to fund their existence for another 6-10 months. Carnegie doesn't know how to build an asset base, it only know how to put their hand out for more money to spend.

3. Northam - we know they still own 11.33% but what is happening with that - the silence is staggering. What amazes me still is that they raised $16M, then $5.3M (call it $20m after costs) and some how ended up with only 11.33% of that asset before it was even finished being built. That was a Carnegie-owned project with EMC-Lendlease as constructors. So with corporate ring-fencing in place how did Carnegie squander 38% of a $16m asset?

4. I agree with your thoughts on CETO commercialisation. It is now just a desktop model, they need to recruit new staff (because everyone else left?), they will do some tank-testing (whoopee) and in the end almost every other type of renewable energy is more proven and more viable. The only thing proven about CETO is that it is dead in the water. Fievez knows it stinks and not going anywhere for many years if at all. He is too gutless to ever talk about the actual results of CETO 5 because it would reveal they misled everyone and also prove it is a stinker of a technology. Their R&D has proven that this isn't a viable venture. Fievez should be worried that he needs to be finding another job and that his reputation is shot.

5. I agree with your closing remarks. I feel the current Directors (two in particular) are treating this like a private play now but as wealthy people do, they are using other peoples money. In the end they'll recoup some cash losses and stitch up the rest of the assets for themselves personally in the event it goes south. I feel shareholders are now just handing over their savings to fund a few individuals.