reasons for no announcement , page-3

I went to the AGM and left not knowing what to think. Some people sort of clapped at the end when Chairman Cambell after 45 minutes of taking questions and plenty more cued up closed the meeting.

Someone asked why it was that he had to come to an AGM to find out what was going on with Enerji, but all they could say was legacy issues had to be dealt with, oh but we do have an MOU with Alinta.

I asked about what the the status of Henderson was and Pennyfather said that it was under review and the Powerbox was sitting at an engineering shop.

Another guy asked how come Ross Smith was able to sell all his shares at high prices after he made all the fluffy announcements to get the price to 20c without notifying the market / ASX with a ceasing to be a major share holder notice. All they said was legacy and legal issues kept them from saying something. Good policing by our watchdogs, they are quick to give a speeding ticket on the way up but unseen when the price falls and can't see what directors do. Great operating system the ASX uses - not.

Also, how come you (directors) granted yourself fully paid shares and not performance options and as non executive directors why any shares at all? They said cause we are very much hands on and do alot of work. That's fine with me but it's another example of going against corporate governance code.

Cambell said they really wanted to say more but will have good news in the not too distant future. It sounded like at the end of the month but don't hold your breath.

It did sound good however, that when he and Samantha Tough went to Sweden they said it was unreal stepping inside a working powerbox and hearing the sound of the turbine generating electricity.

I spoke to Cambell and Tough and both look and sound very professional and have a wealth of experience talent and motivation now they have 4,000,000 shares each to start with.

One other thing we were unable to clarify at the meeting was Greg said that Enerji was excluded from the Wallenius Ship installations and I wanted to ask about other new developments that come up like cars etc.

Cambell did mention that he saw the day when powerboxes were installed and people will beable to log onto the website and see a gauge recording how much power was being generated and from which box and where.

In closing Greg said that Enerji is purely a distribution company and Opcon the supplier suggesting that the risk was lower for Enerji cause all the R&D to get the thing up has been done.

I left feeling that I should buy some more shares but after the week or so and watching I'm still unsure.