Whiddon3...We have this week received confirmation from a "Big...

Whiddon3...

We have this week received confirmation from a "Big Four" accountancy firm that what I posted on Saturday is on the money. We are further advised that the Tax Office has a turn around policy of 4-6 weeks from lodgement of Tax/R&D return to receipt of the refund by ECT. This highlights the absolute urgency to lodge the 2012-13 tax return/R&D claim pronto.

This claim coming will be substantially greater than the previous years claim, as ECT have spent significantly more on R&D last year.

As the company's executives and Directors are principally carrying out R&D duties, these costs also form the basis to R&D claims, in addition to the outlays to ARUP etc. What else (other than R&D) could Directors be engaged in. There is very limited “ordinary” business carried out by ECT.

Bottom line is ECT do in fact have multi-million dollar R&D claims available to make right now. Its not just the ARUP $1.25m+ ready to claim now.

ECT are in a solid position (considering the dismal sp) with this R&D scenario. ECT MUST use it.

A popular catchcry last week on HC was "no more shares issued under 2c". In practice - how is that possible bar a Monash miracle? The only way is by implementing the above R&D scenario.

It is totally unacceptable to be making placements at these share price levels when there is clearly an alternative largely non-dilutionary means like discussed here.

The FF/R&D scenario has served ECT well in recent times - ECT must ensure that their 2012-13 tax return is lodged pronto. The R&D rebate is then lodged at the same time -> meaning a placement is NOT necessary.

ps...I have sent the above to [email protected]

tick tock...