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ECT - ENVIRONMENTAL CLEAN TECHNOLOGIES LIMITED


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http://www.ShareScene.com/html/emoticons/grrr.gif Might just as well be. AGM last year all good with lottsa loverly profitable contract's. Last week > No profits only lousey management & on the floor with the Ref counting. Our illustreous Chairman (QC) not responding. AGM on 25/11/04 should be very noisy!! I'll be there anybody got ?s for me to add to my list? c> b.
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Have to agree Jay - underbid on the Bega job and struggling to come good. Bunyip2, you should get some share holders together with someone going to the meeting to vote your proxies and put voice to your concerns. EGL holders have done that with Wolverine and you certainly got some attention at last years AGM - nothing like have a block of shares the company doesn't know is put into a block - standing up and saying 'I speak for X number of shareholds and X shares' gets the co's attention.

 

R/Ross

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From StockAnalysis today:

 

"Last financial year, ESIÃÆâ€â„¢ÃƒÆ’ƒâ€Â ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒ¢Ã¢â‚¬Å¾Ã‚¢ÃƒÆ’ƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’‚¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¬ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’‚¾ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢s management destroyed nearly $9m of shareholder wealth and

left the company with $11m of bank guarantees over non-performing contracts, which

threatened to destroy the innovative, water and sewage process design company. ESIÃÆâ€â„¢ÃƒÆ’ƒâ€Â ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒ¢Ã¢â‚¬Å¾Ã‚¢ÃƒÆ’ƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’‚¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¬ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’‚¾ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢s

auditors issued heavily qualified accounts and its annual report makes salutatory

reading. The Chairman states that FY 2004 was a disaster for the company. A review

of what went wrong found that senior ESI management lacked discipline and did not

have the skills to carry out the contracting work which it had undertaken and that it was

undermanned, amongst other things. The end result for ESI is that Canadian company,

Zenon is virtually buying the shell, taking a placement of 35m shares at 7.5 cents, while

massively diluting existing shareholders with an additional 110m, cheap options. But it

could have been much worse!"

 

R/Ross

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  • 3 weeks later...

i was working thru the possibility that following DD that Zenon is pulling out of the capital raising.

 

i suspect that EGL might have forwarded one of the mentioned proposals in the ASX release dated 20 Oct 2004.

 

i am sure that they would have interest in some of the technology and projects being run by ESI, however i doubt they would have made an offer much above the value of the assets.

 

as background, apart from the Zenon offer....one offer ceded control the other offer was based around an at 'market cap' value purchase of all assets.

 

we will find out in the next few days what is the state of play. the EGL AGM is on thurs morning so i imagine this will be keeping them busy for the next 2 nights working thru scenarios to make a quick jump if an opportunity presents.

 

 

(copies of this post on ESI and EGL)

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In reply to: wolverine on Monday 15/11/04 08:29pm

Hi,

 

Yep I agree, Zenon has probably looked at the bank guarantees (very pressing), what,s ESI,s worth??--$1.6million, don,t think so, I would suspect it is negative, this is a disaster, ESI hasen,t really got technology that others don,t have in one way or another, still think it is worthwhile checking out Zenon for interconnected (but hidden) interests here, I smell a rat. wouldn,t mind betting they won,t pay 7.5c, probably nearer 3c

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  • ShareCafe Admin changed the title to ECT - ENVIRONMENTAL CLEAN TECHNOLOGIES LIMITED

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