Ann: Capital Raising and ALDP Update , page-49

No worries OW

Was just my thoughts, and I said, I hope I'm wrong.

Why ann "a number of parties" literally days ago, with the the hoopla that conjured up and then conveniently remove it in this ann, but mention 3 seperate parties - Arup, GW and Monash?

I think your Arup taking shares point would hold more credence if ECT had cash in the bank wouldn't it? That would be a clearer indicator for mine that they had the choice - cash or shares - yes? If ECT have no cash and no Monash funding, then does Arup have a choice?

They do, but putting ESI into administration would see them get nothing, so taking shares at least gives them the chance to regain their fees over time via shares.

OK, so Arup get slightly dicounted shares for their fees, but do they then put a premium on their service? $2.5 mill seems a lot considering DFT was meant to be completed last month - just how much more is there to go?

Anyway, we'll know shortly whether you are right OW or I am I suppose...

...and no, it doesn't seem like I am the one "scraping" the bottom of "the barrel" OW!