sengkang update due, page-17

Gday Shamish,

I should add the Sengkang land delay as has been discussed here before was because of regulatory delays with transfer and ownership issues. Nothing more than that. Completely outside the power of the company. I would think like any construction issues anywhere they would have tried as best they could to dovetail the timing of the completion of the land settlement issues in with the sire crews starting the ground works. That's difficult at the best of times however when foreign ownership issues are involved the task is all the more complex.

Ground works are now apparently under way.

I think the share price appreciation is simply a re rating by many invesors of the inherent value ready to be unlocked in EWC over the next 6 - 18 months. I do know there are many larger invesors who have either got set recently or have added to their holdings in recent times. These larger long tem invesors are the ones we have always wanted to create a bit more stability. Roadshows in the USA and presentations elsewhere have also created greated exposure to brokers and funds. UBS are hosting one for their clients in Sydney mid June.

Cheers

Mont