There is no denying that the current drop in share price is deeply disturbing. However the real question is should we be alarmed that something has occurred as a cause to this drop.I have contacted those who would know and crossed checked those responses.
1. 95% of the current sales are short sales
2 Management has stated that the current sp is at a total disjunction with the company's value.
3 There are no new undisclosed problems.
4 Loan negotiations are moving forward as expected in the Philippines with 47 out of 48 conditions covered andwith the banks relaxing the covenants on the final( the signed names of land titles of the right of way).
5 The loan approximately $150 mill USD will be in accordion form and drawn and provided as the plant output increases ie 200mw to 400mw.
6 Management has met with Standard Chartered top management which is now a totally new team as compared with the previous debacle a few years ago. There appears no perceived problem with rolling over the loan facility, due (I think) in May .Indeed the new team appears keen to increase their dealings in the area.
7 There is a team now in the Philippines working with the banks daily.
8 EWC will be attending a government Senate hearing this week with regard to current and deliberate imposed impediments to progress.(that should be interesting)
9 There is also since Nov 17 a team full time working in Jakarta pushing forward and resolving all issues. A difficult situation but progress is being made. No major issues just very slow bureaucracy
10 Several of the top shareholders have been adding millions of shares to their holdings in the last few of months .
There is far more but for now
Cheers Doc.
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