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OPT/ARENA Probe, page-2

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Megafauna

17,535 Posts.

1225

11/06/14

13:29

Post #: 13510240
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Originally posted by Megafauna ↑

This may shed some light on why, CWE missed out on getting $66 million.

"OPT fires chief executive Dunleavy 10/06/2014

Ocean Power Technologies has sacked chief executive Charles Dunleavy and launched a probe into a wave energy project being developed by a subsidiary in Australia. The New Jersey-based company said in a regulatory filing that Dunleavy’s employment “was terminated, effective immediately” as of Monday 9 June. Dunleavy, who joined OPT in 1993 and served as chief executive since 2010, “will not receive any severance payments under his employment agreement with the company”. The cause of the dismissal was not disclosed. Non-executive director David Keller will assume the role of interim CEO. The board of directors simultaneously launched an internal investigation into an agreement between its subsidiary Victorian Wave Partners Pty Ltd and the Australian Renewable Energy Agency. The probe will focus on the deal involving the special purpose vehicle set up to develop a 62.5MW buoy array off the coast of Portland, Victoria, and “public statements concerning the project”. Government agency ARENA granted A$66.46m to develop the site from August 2011. Image: the company’s PowerBuoy wave energy device (OPT) TAGGED IN: AMERICASCOMPANY NEWSUSAWAVE AND TIDAL"

http://renews.biz/68038/opt-fires-chief-executive-dunleavy/

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The OPTT SP is down, 34% following the announcement. I am a little surprised that I can't find any mention made of this from Australian news sources.

http://www.nasdaq.com/symbol/optt.

CWE Price at posting: 4.9¢ Sentiment: Hold Disclosure: Held
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0 Great analysis

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OPT/ARENA Probe, page-2

Top Stories

BCI reaches close of funding facility for salt-first part of Mardie project

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

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Buxton projects new graphite province discovery at WA Narryer play

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

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Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

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