Ann: Waste to Energy and India Update - Suspension Continuation, page-52

Not too happy about today’s announcement, and not because ofthe announced (lack of) developments, but because of what we are seeing withthe WTE progress being grouped with the India project as reasons for continuedsuspension.

In the beginning, ETC was placed under suspension to ensurean “orderly and appropriately informed market”, which made sense given the materialityof upcoming milestones relating to the India project and the likely impact thatfurther delays would have on the share price. That said, now that the WTEacquisition has been grouped in with the India project under the suspension, Isuspect this will muddy the its initial purpose, therefore buying more time orserving to divert investor’s attention away from challenges in India.

My preference would be for a clear delineation between thetwo when providing updates. Notwithstanding potential benefits that the WTE mayprovide to ECT, I don’t want to have this presented to investors as a positiveoffset to India delays, and further, I don’t want the suspension to extendbeyond any milestones that were initially intended - keep them separate!

All IMO