had a gutfull, page-10

Hi Pickem.

Many of the related party contracts, a couple that may involve SE have been discussed between a few us. Whilst some may be viewed as being of advantage to say, a related sub contractor or a landlord, my view is that this has in fact meant that it's even MORE important for EWC to get their projects completed at the end of the line for anyone in the loop to THEN get their own NORMAL COMMERCIAL advantage. This was also discussed with a couple of analysts that follow EWC along with a couple of larger holders, and they was absolutely content that EWC in fact comes out as the ' advantaged ' commercial party after all normal tender requirements that should be undertaken by a public company have been undertaken by a public company.

I was involved in all raisings and one at I think at $1.20 looks expensive in hindsight. They were very succesful at their raisings and fUll marks they got their cash which is a godsend for them now. I didn't have a gun at my head at the time, the market was flying, all the boxes were ticked etc etc. Not an unfamilar story when looking back at dozens of capital raisings in better times. I am content holding right through and past this level.

Information flow and overly ambitious time tagets have most of us frustrated, no argument there at this point in time.

Cheers, Mont