Ann: Change in substantial holding from MUFG, page-18

Hi Harris,

WKT's short was completely different from EGR's it was only over a few days and the company already announced they required equity, the QTR cashflow report also detailed the company was almost out of funds.
https://www.shortman.com.au/stock?q=wkt

EGR already has $50mil in cash, which provides all the funds required for Stage 1 at Kwinana ($32mil AUD) it provides funds for operating the facility and we are conditionally funded for stage 2 through Export Finance Australia

What would EGR need funds for?

These are a few options

POSCO or another party taking an equity position in EGR. I think this is possible, although BKT had no shorting during POSCO's investment /testing period,
Pilot plant for recycling - unlikely, the pilot plant is only $5.8mil AUD - EGR pretty much has the cash to build this themselves without an equity partner, although I do suspect Sungeel
Sweden plant - unlikely, EGR has detailed they won't commence development until successful commissioning of stage 1 at Kwinana.
Epanko - Likely - although the shorting of EGR over the past 10 months is a significant time to cap the SP for any equity that is required for its development. I would have thought if you were trying to control the price for the equity required for Epanko, you would start shorting the company once EGR received its approval from the Government of Tanzania and KFW IPEX bank.

It will be very interesting to see what happens to the SP once EGR submits its regulatory approvals, or confirms they have ordered the long lead items from Europe.