Ann: Trading Halt, page-65

It puts me somewhat at ease if there was an indication that there was a legitimate effort to increase the NAB funding. Just peculiar they are able to source the $4m by midday tomorrow, as with the discussions surrounding difficulty raising in this environment, I don’t personally agree with.

Asking the market for $4mil, using the guidance they have provided in the table posted earlier, to me doesn’t add up. It’s a lot of money, the justification on use of funds isn’t specific and potentially doesn’t add up to all of the ‘use of funds’ they describe. If there was a plan on building a GMP approved manufacturing facility onsite, breakdowns on PCE costs, light/heating upgrade coatings and more insight into future spending and timeframes, I’d definitely be changing my view.

IMO, Raise at a premium that retains or increases value, not the other way around. 181mil shares at 2.2c raises $4m cash. Raise at 2.5c and there’s another 500k, 2.8c and we’ve generated a further million for no additional effort. Heck, a 40mil share shortfall at 2.8c leaves us in the same position. If you want a decent holding, no chance you’d get there at this price doing it on market. Theoretically it would be interesting to see what amount would be taken up at these levels. I guess we’ll never know…

There’s a very obvious demand to acquire a substantial holding with no other way to do it other than through a raise as a result of ECS having a relatively low liquidity. I just want honestly when determining if the raise is to give access to decent holdings without sending the SP skyrocketing, or if ECS genuinely had no other options available at scaling at the rate they indicate. 12-24 months is at a minimum $22m-$50m in revenue in that period. My jury will remains to be out.

Today I entitle myself to be bitter, angry, disappointed. But having cash provides safety, a clear expansion plan and visions of being the #1 exporter and top 2 Australian player in the market is why I am here. Why I am holding. Why when this all blows over and I’ll look back when the share is at 7.8c ($100m MC) glad that I bought and accumulated where I have, with what my funds allowed me at the time.

GLTAH. I need a nap.