Brief notes. Forgive me for brevity and spelling errors.
AGM ECT 2013
Glen Fozard opens meeting.
Unresolved Monash Funding Delayed ALDP funding
ECT continues with both opportunities. But now they are a portfolio of plans with Parallel plans. Significant policy changes- listening to Share Holders.
Misrepresentation about Coldry only being a thermal Coal. Strategy Continue demos in Victoria. Indian demos and manufacturing. Initiate Matmore Demo.
Ashley Moore
2013 Great progress and frustration Market for Coldry is not simply as a thermal coal. Financing for midrange thermal coal projects is challenging. Indonesia exports dropping thermal coal pricing. Iron and steel- Industry overcapacity and cost competition from China depressing costs.
Coldry targets
Thermal power generation. Conversion- pyrolysis/ gas. Ashley unable to comment further. Metals - Matmore.
Advances in Project Modelling and simulate other coals/ climates/ waste heat environment. Full scale packed bed dryer has been built and helped with application and higher temperature treatments.
ALDP-intense negotiations -( "Interrogation" ) programme is still ongoing. No decision has been made.
Matmore Iron, Chrome, Nickel and other Metals as product are VERY positive. Mr Keith Henley-Smith- Matmore Research Manager very upbeat about wider metallurgical use.
India In the South- Tamal Nadu- 70% of India's Lignite. Also North West has Lignite fields that stretch into Pakistan.
Matmore Coking coal/ waste stream Avoidance/ Ferro Alloy Applications. Select Engineering partner to develope Matmore Pilot Plant.
Next 2 Years Coldry Now onto Marketing. Best sell is with a Demonstration Plant.
Matmore- move to Pilot Plant, Test Plant at Bacchus Marsh continues with Madingley Technology.
Business
Res 1. For 78% Carried! Res 2. For 86% Carried! Res 3. For 54% against 45% motion was Carried....? Res4. For ?85% Carried! Res 5. For 92% Carried! Res 6. For 76% Carried! Res7. For 86% Carried! Res 8.For 35%
Questions from Share Holders Res 1. Strategic Objectives- what haven't been met? Board decided not to take up Share Renumeration.
Ian Mackenzie- page 24 of Report. Rotation of Chairman - not able to Work. Glen Fozard says He's to be appointed as Permanent Chairman. Ian says hes Delighted to See Unity and a Chairman Address the Real Issues.
John McCloud To Ashley- How advanced are Other processes for Coldry. Ashley - Coal conversion around for a long time. The Current opportunity in The Latrobe Valley is huge. Low costs. But High Moisture. CO2 is the major concern for a "Social Liscence". Upgrading processes are HIGH Temperature requiring High energy and High Water demand. Coldry taps their energy. Nothing to go to market yet. Gasification has been done.
Question- What's happening with Monash. Glen- states capital planning is fine without Monash. Financial Budgeting Contingencies are in place.
The Monash tranch debacle is a smozle. The Board is aware of the mistakes in The past and hopes not to replicate those.
The Monash last minute details are still under Privacy agreements and discussion.
AGL - Arrangements with placement, electricity and cooling towers are ongoing. And will be triggered with ALDP funding.
YES Bank provide simplification of pricing and advice. NOT FUNDING.
VERY STRONG relationship in delivering fabrication in the First Quater if 2014.
Meet with Entire board of Yes Bank. Incredibly mature organization with complex markets. Highly qualified. Guidance in Indian Nuances and Idiosyncracies is Extremely Valuable. YES Bank will bargain hard in negotiation for ECT Plant Engineering.
Capital Management A lot of shares on issue. Any consideration in consolidating shares or other. Yes.... In the future. Considerations around interest rates and share trading.
Do We still need the $6 million dollars. That's an interesting question that the board can consider.
Info on NLC is still under privacy considerations. Ashley visited 10 days ago. May be back over their before Xmas. The Indian Contract Patent is still under filing and still provisionally protected.
NLC are probably not aware of ALDP and are Assessing the Coldry Tech on its Business Merit.
Meeting closed.
ESI Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
(20min delay)