Ann: Response to ASX Query, page-7

It looks to me as if someone is trying to undermine the listing. So who gains if the stock is delisted? Short seller will cover into the people selling to avoid an illiquid stock? But this is very risky. Especially if people decide to hold it as an unlisted stock, and the short sellers then face a squeeze.



There was a similar situation a few years back when the ASX asked EWC to clarify whether the Indonesian PPA was a BOO or BOOT scheme. EWC had been reported it as a BOO scheme, when in fact it was a BOOT with significant implications for EWC's ownership, or risks thereof, of the Indonesian power project beyond 2022.

Personally I have little faith in the DCFs created by accountants with management. The asset side of the balance sheet for the most part is fantasy land. Consider this. In valuing the assets under construction they assume the start time is 2021 or 2022, and apply a discount rate of between 7% and 16%. The 16% is likely to be applied to Indonesia and Philippines. This means that every year of delay means the valuation at the time overstated the value by 16%. Not to mention the uncertainty around global commodities margins, spark spreads etc. Or if I were cruel, I would mention these are the same forecasters that forecast start dates in 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2022 which indicates to me that the forecasts are not driven by expectation of the future, but by the story that needs to be told.