Hi Neptune. Thank you for that detailed and well reasoned post....

Hi Neptune. Thank you for that detailed and well reasoned post. I agree with you that the cautious thing to do was to wait until the CR was complete and signed off and POW is relisted before submitting ARENA and other applications. You have raised the pertinent issue of corporate risk. However I disagree that this was the right strategy for SHE/POW and I believe that the hold off decision actually increased corporate risk. Here is why:

Firstly in my opinion had SHE submitted the ARENA application, ARENA would have been required by Australian Government policy to assess the application against their stated grant assessment guidelines, regardless of the Korean project. Secondly, announcing to the market that an ARENA application has been submitted for say $10 million dollars for project development and commercialisation would have attracted many new potential investors and would have sent many of these potential investors into research mode. Having properly researched the Protean WEC and the ARENA funding guidelines many IMO would have formed the correct conclusion that SHE/POW would be successful and that the Protean WEC is worth investing in. This in IMO would have created a flurry of investment buying and a considerable rise in the share price leading up to the trading halt. The CR would then have been set at a much higher price, allowing more flexibility with the nominated share allocation price and much less risk for institutions. This would have meant much less corporate risk of the CR failing and much less dilution for existing and new holders. Please don't think I'm speaking with hindsight here. I've been saying that SHE/POW need to submit an ARENA application and become more corporate savvy for quite a long while.

All will be forgiven if an application goes in ASAP with an immediate announcement to the market. And please ask for more rather than less funding. We know our taxpayer funds will not be wasted on the Protean WEC.