Investor News

ALDP outcome clarification

The Company has received requests from shareholders for clarification on the timing of notification from the government of the ALDP outcome and is aware of a number of rumours and speculation that now require a comment.

As stated in the opening bullet point of the ASX announcement (link), the Company had 'just' been advised of the outcome. Specifically, and for the avoidance of doubt, the following clarifies the meaning of 'just' by outlining the timing of events:

  • Monday 30 December 2013 (pm): A phone call was received from the ALDP supervising manager advising that outcomes had been reached and official written notification could be expected later in the week. A meeting was arranged for the morning of Thursday, 2 Jan 2014, in line with government availability, to discuss the outcome in the context of the company's disclosure obligations.
  • Tuesday 31 December 2013: The company entered a trading halt pending the meeting and receipt of written notice.
  • Wednesday 1 Jan 2014: Public Holiday
  • Thursday 2 Jan 2014: Meeting with ALDP manager and Department Director. Receipt of written notice. Preparation of ASX announcement.
  • Friday 3 January 2014: Release of ASX announcement and lifting of the Trading Halt

Despite speculative media articles in the second half of 2013, and consistent with prior ASX announcements, the Department and the ALDP supervising manager maintained to ECT on numerous occasions of enquiry that no decisions had been made and no applicants had been advised of outcomes.

The Company is exploring its legal options with respect to certain rumours being circulated.

On behalf of the Board of ECT

Below: scan of the letter received from the Government