Ann: Recapitalisation Presentation, page-7

To be honest - the presentation made me cringe so many times. Still no facts or figures - just more of the same but his time they are trying to compare themselves to off shore wind??? I feel the success of off shore wind has virtually sealed their non-existent technology's demise! I can only (again) deduce that CETO 5 was an epic failure because Carnegie can't bring themselves to reference any facts or evidence about its performance - instead they have the gall to cite the success of a completely different, and now proven technology?

How do they "value" Garden Island solar farm at $4M? Weren't they forced by their auditor recently, to correctly value it at $2m? (And you can bet they tried hard to convince the auditor to value it at more!). If it makes $250k per annum, and you discount it from there (and add in the risk DoD don't renew) I just can't understand that valuation. Maybe Carnegie could explain their valuation to us?

"Existing shareholders to retain majority of the Company" Great, so Fitzpatrick, Mooney and Davidson maintain the majority of the company (but use other shareholder money to prop it up. Lucky shareholders.

• Recognised +10 year leader in wave energy technology - Recognised for what and by whom (other than their own statements and by those they've bamboozled)?
• Early mover in one of the world’s largest untapped sources of clean energy - wow, they were the first to prove and publish nothing factual or evidence-based about wave generation technology
• Established industry and government alliances - with whom precisely? Who is putting their hand up saying they have an alliance with Carnegie?
• Streamlined business, strong passionate team committed to success - Would love to know who their team is
• Clear, cost effective digital development pathway - oh yeah, so clear. and cost effective - buying Fievez et al a few more years of salary.
• Project development partners to be targeted for large-scale commercialisation - target all they want, doesn't look like anyone is actually interested
• Technology licensing and royalty arrangements to be established for future revenue - again, great to say this stuff, no evidence at all of any prospects or progress! Had 11 years to do it already.