EWC

4.76%

2.0¢ energy world corporation ltd

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Mitchdon

900 Posts.

481

22/11/23

20:29

Post #: 71052817
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Originally posted by Aesi: ↑

This statement is incorrect.

"So while the Slipform still exists its position as a security ranks alongside equity. There is no benefit to Slipform in defaulting EWC as they have no security over our assets. The only way they get paid is by ensuring that EWC works out its portfolio of assets."

The cascade/priority is as follows:

1. The liquidator
2. secured creditors
3. unsecured creditors
4. Shareholders.

EWI/Slipform will be paid in full as a unsecured creditor before shareholders get a cent. Liquidation can be triggered by 1. an unpaid unsecured creditor (ie slipform) or 2. a majority of the members (not us lot).

As there are no secured creditors left on the balance sheet, EWI have not lost much by giving up their security interest, which may be even less than it may seem at face value. For example EWC is the shareholder of the SPVs to which Slipform made the loans. Those SPV, in liquidation in Indonesia, the Philippines, or HK could be simply transferred to Slipform in satisfaction of the debt or the assets sold to Slipform without Slipform paying anything if the price is less than the debt.

The applicable law/jurisdiction for the main entity will be Hong Kong not Australia. HK is the "COMI" or Centre of Main Interests. Shareholders may have a cause of action in Australia, due to any breach of the listing rules, but the liquidation will be in HK and any action against EWC will be stayed with the onset of liquidation.

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Well sh@#t that sucks but I appreciate you letting me know @Aesi

Given this and fact that there are no secured creditors why would Slipform continue the charade? Surely it would be easy enough for Slipform to default EWC and just take the company?

Given SF's position I'm now suprised they even bothered dragging EWC out of suspension.

EWC Price at posting: 2.2¢ Sentiment: Sell Disclosure: Held
2 Upvote

0 Great analysis

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(20min delay)
Last 2.0¢		Change -0.001(4.76%)		Mkt cap ! $61.57M

Open	High	Low	Value	Volume
2.1¢	2.3¢	2.0¢	$38.31K	1.819M

Buyers (Bids)

No.	Vol.	Price($)
1	4132	2.0¢

Sellers (Offers)

Price($)	Vol.	No.
2.2¢	499	1

View Market Depth

No.	Vol.	Price($)
1	4132	0.020
4	1053984	0.018
2	2020000	0.017
1	250000	0.015
1	50000	0.014

Price($)	Vol.	No.
0.023	210485	1
0.025	545249	2
0.027	659708	3
0.028	165000	1
0.029	250000	1

Last trade - 15.57pm 08/11/2024 (20 minute delay)

EWC (ASX) Chart

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