I think there are two beliefs we can take away from the raise....

I think there are two beliefs we can take away from the raise. That ECS is heavily undervalued and requiring a re-rate, there are powerful investors who are now going to be taking interest in ECS with the exposure and opportunity to buy a substantial holding at the discount.

We had our AGM results released on October 26 last year. It indicated that there had been no discussion surrounding a capital raise. Yet, despite continual flow of positive results and positive news which would otherwise see the SP rise at least above the 3c levels, it didn’t. There may have been external forces keeping the price down. And in my opinion, not accusing any wrongdoing, but during the last few months there seems to have been trading activity indicative of an upcoming raise. A raise of this exact reason, to get lots of cheap shares into peoples hands. I’ve seen it before and as long as the law allows it, we’ll continue to see it. Keep the price down, get your shares cheaper. Looks like it all worked out perfectly. They got to a point where the SOI were too tightly held and there’s no other way to accumulate at these levels. Usually it’s only mining companies with genuinely dirty management that pull these type of schemes, they get amazing results, push the price down, raise cash at low levels, then let the cat out of the bag.

It’s a significant backflip on sentiment only 4 months ago, to now decide on a raise. To inject cash when the cash position only grows.

It frustrates me that we, may have, had potential interested buyers lining up on market, but if they had known of a raise well in advance, would’ve just sat back and waited for their moment.

As investors, all knowing well and good what the true value of ECS is, knowing that Bells has been aware of ECS, this couldn’t have just been flying under the radar. Put whatever positive spin on it you’d like, but someone/something may have been forcing ECS into a very narrow price channel. I just don’t see how ECS trading activity has been genuine. You don’t put out the results we have and the financials we have then continue to trade flat…

If this is a genuine raise because we need cash, it can only make me think that there has been Hop Latent Virus discovered on site or nearby. In which case, 9 PCEs up in exceptional time would be required to keep up with contracted demand. But there’s no indication that this raise is to safeguard from threats.