open letter to glen fozard, ashley moore et al

Dear Glen Fozard, Ashley Moore, et al.

No doubt you have contemplated the ESI share price of the last few weeks even well before today. Today our shareholder wealth was shredded by another 25%. This is 70% shredded since September last year and 90+% since the 2nd quarter 2012. Others may want to research further.

The the "shareholder wealth" referred to at AGM after AGM after AGM is the same "shareholder wealth" that you, as board members, have undertaken the firm responsibility of creating on behalf of ALL shareholders who voted for you, as it is for all boards running public companies.

Unless I have my screen upside down this "shareholder wealth" is being disastrously eroded as to opposed being created by the seemingly lack of directional (i.e. wealth creation) strategies.

At the 2013 AGM I saw evidence that some on the board who hold key responsibilities to drive the progress ECT Ltd, there in lies shareholder wealth (i.e. via the ESI share price) had fallen short of a pass mark. There is little evidence that the team is drive by strong leadership and things are allowed to float along. Recently the market's treatment of the ESI stock obviously supports this viewpoint.

It is clear that unless the market reads news of ECT Ltd making real progress and having a feasible and credible set of strategic plans, namely plan A (assume India), B (??), C (??) then ALL of the shareholders who have backed this company through thick and thin (i.e. turns out to be mostly very thin) will lose all but a fraction of their "shareholder wealth". Noting that some have backed ESI for way over 5 year for zilch return.

Unless there a substantial turnaround in the ESI share price, I for one will vote at the next AGM for others to run ECT Ltd. I urge all shareholders to consider their personal expectations for ECT Ltd between now the next AGM and vote according to whether their pass mark is reached.

Forever waiting for credible planning followed tangible progress while SP erosion continues is not what I will be voting for. I will be looking elect a team who increased my "shareholder wealth" as they had promised.