Investor News

2013 AGM Presentation and Results

The Company held its Annual General Meeting today (Friday 29 November 2013).

The following were released via the ASX.

  • Chairmans Address
  • Managing Directors Presentation
  • Results of Meeting

Chairmans Address

The year behind us represents a watershed achievement for the company with the completion of the detailed designs for Coldry. This vital step in the commercialisation process delivers ECT’s largest investment in an asset since the purchase of the Coldry IP in 2009.

The Coldry demonstration plant in Victoria is now construction-ready.

We also experienced a number of frustrations over 2013, which sadly took the shine off management’s delivery of the designs. These included delays to the expected decision on the ALDP grant, unresolved conclusion to the Monash funding and difficult capital market conditions making financing a challenge and further adding downward pressure to the share price. Both ALDP and Monash were necessary pursuits, and one’s, I might add, that may still provide ECT with very significant benefits, but they have also highlighted the risks of initiatives that are largely out of the control of the company. Given the investment of time and money made into these pursuits and the continued prospects for their potential to be of great benefit to the company, ECT will continue to work towards both opportunities until a certainty of outcome is determined. The difference now is that they will be a part of portfolio of opportunities that intends to tip the balance of control in favour of ECT. Parallel contingency planning is now front of mind for the company and management has shown great flexibility and execution in their pursuit of those opportunities which ensure that ECT do not have “all their eggs in one basket”.

Over the last four months, I am pleased to say that the board has been actively listening to feedback from shareholders and the market. This has led to a number of significant policy changes in the company underpinned by a growing culture of “passionate commitment via frugal means” or what we like to call, the “frugal innovation” approach.

The board is committed to driving improved productivity without increasing costs. We are also striving to improve diversity and expand skill sets on the board with the aim of ensuring that the innovative and dynamic culture required of a successful technology company is represented at all levels of the business.

Our capital management planning now extends past 12 months; we have greater transparency on NED remuneration, more effective rewards, performance and incentive structures, and our operational expenditure is now budgeted to be the lowest it’s been in over 4 years.

This is but the start of an ongoing process of continual review and improvement.

Over the last 12 months, we have also noticed an emerging misnomer in the market about Coldry. The idea that Coldry is simply a thermal coal equivalent processing plant is but one option for commercial deployment but by no means is the sole option or even the best option. ECT has spent many years, through the process of design and engineering improvements, becoming an expert at dewatering high moisture content lignites. As a result, we are acutely aware of the project opportunities which reinforce that Coldry is a “gateway solution” to other beneficiation solutions like pyrolysis, gasification and CTL, to name a few. This belief has been reinforced in practice by ongoing collaboration with other technology providers for Coldry to act as the front-end drying process for their downstream beneficiation. This, in our view, allows Coldry to act as an important de-risking solution for the large Government and private investment needed to support this emerging industry in the Latrobe Valley.

We also can’t forget that Coldry is the gateway to Matmor, our own downstream beneficiation technology for producing iron and ferro-alloys.

Our company’s strategy for the next 12 months is based on three platforms of focus:

1.  To continue to pursue demonstration opportunities in Victoria

2.  To execute on the Indian strategy including:

  • Establishing demonstration projects
  • Establishing plant manufacturing partners

3.  To initiate the next development phase of Matmor toward pilot scale.

I have confidence that with this management focus, we will do these few things well, and when done well, will set the company up for attaining future cashflows. It must be noted, however, that many great challenges still exist along this intended pathway. However, I am also confident that the board and management are in good shape to meet and overcome these challenges.

Managed well, the future of this company is bright. And with that, I intend to hand you over to our Managing Director, Ashley Moore.

Managing Directors Presentation

Managing Director Ashley Moore delivered the following presentation.

Results of Meeting

Manner in which the security holder directed the proxy vote (as at proxy close):


1 Remuneration Report





2 Re-election of Mr Iain McEwin





3 Re-election of Mr Stephen Carter





4 Re-election of Mr Lloyd Thomson





5 Approve Add Placement Capacity





6 ECT Exec & Dir Incentive Plan





7 Approval to Issue New Options





8 Approval of Spill Meeting





Manner in which votes were cast in person or by proxy on a poll:


1 Remuneration Report

Passed on a show of hands with greater than 75% approval

2 Re-Election of Mr Ian McEwin

Passed on a show of hands

3 Re-Election of Mr Stephen Carter

Passed on a show of hands

4 Re-Election of Mr Lloyd Thomson

Passed on a show of hands

5 Approve Additional Placement Capacity

Passed on a show of hands with greater than 75% approval

6 Approval of Exec & Director Incentive Plan

Passed on a show of hands

7 Approval to Issue New Options

Passed on a show of hands

8 Approval of Spill Meeting

Withdrawn due to passing of Resolution 1