ASX Announcement 3 October 2018 ABC NEWS RELEASE – WA STATE...

ASX Announcement
3 October 2018
ABC NEWS RELEASE – WA STATE GOVERNMENT STATEMENTS
Carnegie Clean Energy Limited (ASX: CCE) wishes to advise an update and refers to the ABC News article
titled Albany Wave Farm Project in doubt amid Carnegie Clean Energy turmoil, dated 1 October 2018,
updated 6:19 PM.
The article stated that Minister MacTiernan said the following:
• “In light of the resignation of long-standing Chief Executive Mike Ottaviano on Friday, there was
need for further examination.
• We feel that this is a material change that we need to examine.
• There was a dispute about the interpretation of the first milestone, and so then there was a
settlement on how we would proceed on that, but in light of the sudden changes to the
company, we've put that on hold and we will be meeting with the board and the senior
executive this week”.
The above relates to a Carnegie Clean Energy ASX Release from 28 September 2018, titled Major Projects,
Payments and Asset Sell Down Update, which noted that Carnegie has now received formal confirmation
from the WA State Government of the approval of $2.625 million milestone payment as a part of a
variation to the first $5.25 million AWEP project milestone. The above points also relate to the 28
September 2018 ASX Release titled Carnegie Leadership Change which announced the appointment of
Carnegie’s new CEO Jonathan Fiévez, and Dr Michael Ottaviano’s resignation as Managing Director and
the notification that he will cease to hold the position of Managing Director and Chief Executive Officer.
The Board and management met with Minister MacTiernan and staff late on 2 October 2018. The parties
exchanged information and views. The Minister has taken the Carnegie payment under advisement and​

the company will be advised further within the week.