dear cwe

Dear CWE,

I've been a bit grumpy recently and I just want to apologise. You know, the other day it occurred to me just how many laughs we've had over the years. There's too many to mention right now, but for me, a few really stand out.

Remember that time, back on the 16th November 2009, when you told us that joke - you know, the one about putting the CETO III in the water. Oh yeah, it went like this:

"The first commercial scale, autonomous CETO unit is scheduled for deployment in early 2010."

That had me in stitches! But it was weird how we were the only two that laughed. I mean, what were the others thinking? - that the timeframe was realistic?

And then i remember you tried the joke again, at the AGM three days later. The presentation even laid out the punchline - "C3 unit deployment first half 2010". Hilarious. I almost wet myself...

But the others didn't laugh that time either.

Did you give up on your jokes? Nup. You got right back on your comedy horse and rode straight to that ridiculous timeline on page 21 of the 2010 AGM presentation (29th Oct). It made it look like the WHOLE offshore CETO III testing program (twice as long as the onshore testing) would be FINISHED before the end of March - and it hasn't even started yet! HA HA AHA - you did it again CWE! - someone get a needle and thread because my sides are splitting.

And CWE - don't you worry about those petty, humourless shareholders. Who cares if one of those pedants has taken offence. Who cares if one of them grabs a hanky and cries to ASIC, complaining that you intentionally made misleading statements about timeframes you either did know, or should have known, could not reasonably be met, or, that if your statements weren't intentionally misleading, that you failed in your obligations to subsequently inform the market why those statements were incorrect.

I mean, it's not like any of those pedants would do that, just to cause you a wee bit of embarrassment and a slap on the wrist.

Not when they know you'll give a proper update to the market by the end of March. Of course you will.

I know you'll read this thread CWE. I know it, for a few reasons, but the funniest was years ago, when I alerted a few posters here to some radio interviews on your website that had inconvenient evidence of earlier timeframes you didn't meet - and then the very next day they were gone from the website! HA! And no doubt you would have said you removed them so the comments wouldn't continue to mislead investors! AHA HA AH HA HA HA. Champagne comedy!!

All the best,

A Pedant.