My mail suggests the selling is Bennelong. It is common knowledge they have got tired of their investment in EWC and want out. Nothing to do with future plans of EWC however they are just frustrated with lack of action over the past 12 months and don't want to wait for the next phase. Who knows, as a Fund they have other plans for their capital. They may have made a healthy profit at this stage and this may be a strategic time. The price hits over 80 cents and they start offloading all the way down and they end up with not a bad average. It is difficult to moniter because they have numerous account holding names. I think they have got a bit under 40 million shares. No consolation to us holders however but pray their selling finishes soon. They would not complete their selling at ludicrous prices so maybe mid forty marks is there bottom.
I also believe the Chart boxes are being loaded in the US this weekend for Indonesia. ETA around three to four weeks. Boxes arrive on site and placed in a holding area. Final construction confirmed and concrete pads are completed for boxes and everything else. All other components are en route from Europe and China.
I would be betting a company announcement or at least updating their website once all the components are on site. Next stage, building.
I don't see the logic the company is happy to see a share price fall. I do know the fall in market cap has in no way affected the ability to borrow funds in the event this is needed. They still have long term support from HKSB.
We have seen three or four major sell off's over the past couple of years followed by a quick rise so I would'nt be surprised to see history repeat itself.
EWC Price at posting:
46.0¢ Sentiment: Buy Disclosure: Held
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