Substancial Holding, page-6

This ties up a loose end that’s been flapping about for some years, not that it was a great concern. MO would have been in regular contact with REH who would also want to maximise their return rather than dump 100M shares on the market. From REH’s perspective they should have made the decision to offload some time ago when the CWE SP was 4.5c or higher. One could imagine that perhaps UIL engineered the CWE SP down over time to the transfer price of 3.4c to its own benefit. In this manner all three parties benefited. If the surmise is true then the SP should rise from here.

It has been a long time since Bermuda has featured in CWE anns. This UIL arrangement is a good indicator that Bermuda is still focussed on CETO technology. They’ve put the money where their mouth is.

Juke