Ann: Notice of Annual General Meeting/Proxy Form, page-2

Hi All

There is a bit to read here.  Here's my take on it:

The negatives:

The costs and dilution of this CR for $5 million and relisting.  Page 31  advises on costs including nearly $600,000 on this CR and company administration costs of $755,000 in the first year!  So of the $5 million to be raised $1.2 million is lost in CR and administration costs in the first year!  Pages 23 & 24 summarize the maximum dilution of a CR of $5 million leaving us with 1.1 billion shares on offer without performance rights kicking in.  Anyway you look at it it is dilutive.

The positives:

IMO if $5 million is raised, and given no unforeseen events, there is enough money raised for approximately two years of development for both projects.  Hopefully then key power projects may start to generate an income.

All key personnel and associates within Protean Wave Energy Limited are given enough incentive.  Check page 68, William Toman as head of the US subsidiary gets 15 million performance rights for the first 2 mw power contract and 5 million rights if the US subsidiary can raise $5 million in development funding. The San Marino Venture Group (SMVG) get 15 million rights for a 2 mw power contract and 55 million rights if $5 million in development funding is raised.  

There are 200 million shares at 2.5c with 200 million free options available for current holders. The entitlement date for this is the 30th of November 2015.  80,000 is your minimum entitlement (which will cost you $2,000) but you can get up to 2,000,000 with 2 million options on a first come first served basis (offer is open on the 23 rd of November).  The options have an excise price of 3.75c on the 31st of December 2018.

My message:

To the SHE/Protean Wave Energy Limited Directors and the Directors of the US subsidiary.  You have the company making technology, you have the money and now you have enough incentive. Get out of your offices and make it happen!

All IMO.

My very best wishes to all retail holders.

Regards,

Chilloutman