I wouldhave thought that there are a number of attractive propositions (not in orderto importance), including the following:
1. 25% premium to recent VWAP indicatesconfidence on the part of EWC Board and lead manager.
2. Lead manager’s fees are roughly halfof 2021 EWC entitlement offer and lead manager takes 50% of fees in shares (andoptions). Shows confidence on the part of lead manager.
3. Unsolicited personal statements fromJohn Phipps and Sean Gardiner were very positive.
4. Free Options 1:10 at 12c expiring in 2 years.
5. EWI and Slipform have committed toenter into good faith negotiations with EWC prior to their debts falling due on30 June 2024.
6. Stakeholder pressure (incl.EMP/( EMA), SKKMigas, local contractors, (former) employees, residents/business re: experiencing brownouts etc).
7. Sengkang power plant may be able todispatch electricity to PLN again, either on an ‘interim’ basis or in relationto a new PPA.
8. Sengkang power plant valued ataround US$150million (operational) or US$80million as per present.
9. Record date for entitlement is 30Nov 2022 5pm.
10. EWC share price 30 Nov 2022 4.10pm?
