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CCE - Carnegie Clean Energy

Discussion in 'Stocks 0-H' started by LeeTV, Dec 8, 2009.

  1. sptrawler

    sptrawler

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    From what I have heard their wave farm project near Albany W.A, has failed to get off the ground, they are on very shaky ground. IMO
    They keep promising, and in my opinion, keep failing to deliver.
    I won't be touching them. As I said just my opinion.
    DYOR.
     
  2. RexxarLoh

    RexxarLoh

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    I bought some around 1 year ago when it seems to have prospects. This taught me that sometimes there will be unexpected situation occurs. =(. I will just hold as the price drops sharply
     
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  3. RexxarLoh

    RexxarLoh

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    As in I will just hold as the price already dropped sharply.
     
  4. Paul_Fox

    Paul_Fox

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    Yeah, I’d have to agree with whats been said so far. These guys are on very shaky ground. Red flags everywhere.


    At the moment the WA government project they are working on for their wave generators is not fully confirmed. Since the change of government they now have to prove they are able to deliver the project and stay afloat doing it. They are struggling to do so.

    As it stands they have asked the WA government to put a hold on that process while they wait on the outcome of the R&D tax incentive program to be clarified by the federal government. Without those benefits it appears they will be unable to meet the WA governments requirements to proceed and get the next payment from the state. This would potentially mean the end of the company.


    In the last end of year results they had a >$30m write down on their IP. Their CEO has resigned (speculation on whether this was forced by the board or just got jack of the management is unknown).


    They tried to sell off the EMC business however in the first iteration of the deal the current shareholders were supposed to get something and the then CEO a spot on the board at the purchasing entity. That deal with TAG later got revised to $4m of equity in that company but held in escrow and no cash payments. After that the TAG deal fell through.


    Today they announced they were selling off a large portion of their rights in the Northam solar farm to one of the other investors in the project for $2.5m.


    Everything I am personally seeing from the outside is they are very strapped for cash and are trying to sell assets simply to stay afloat. I have no faith in this company any more or the management.


    Personally I have taken heavy losses and got suckered in with their last share purchase plan at $0.03. In that capital raise they did say a portion of those funds were funds were going to be used in the EMC solar business, but less than a month after that was completed they announced they were selling the EMC business to TAG.


    At the time of writing their price is at $0.004 and I am sitting at 92% down.


    Frankly I am just waiting for them to call in the administrators…
     
  5. sptrawler

    sptrawler

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    It isn't a good feeling riding it into the ground, we have probably all done it, I know I have.
    Best of luck, hope your winners, out do your losers.
     
  6. Paul_Fox

    Paul_Fox

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    I am really not holding my breath that they will recover personally. I guess I'm more banking the loss for now until I need to write off some profits, assuming the administrators done beat me to it. If they do end up recovering in the mean time then it'll be sheer luck. The < $500 I have left invested is all but written off in my mind. CCE was literally my second stock purchase a few years ago and this is all a big learning curve for me.
     
  7. Ferret

    Ferret

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    If you want to make use of the loss this year, you might be better off selling out soon.

    If administrators are called in, they can take years to declare the shares worthless and you can't claim the capital loss until that declaration is made.
     
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  8. jbocker

    jbocker

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    Ahoy there, I waves goodbye to this and added it to my Clean(ed out) Energy stocks. CFU GDY were 2 others I had, but I am sure there are MANY others to add to the list.
     
  9. RexxarLoh

    RexxarLoh

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    Is a steep and sudden learning curve for me too. =(
     
  10. RexxarLoh

    RexxarLoh

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    Any latest news for this?
     
  11. Smurf1976

    Smurf1976

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    There was an announcement saying it's expected to remain suspended until commencement of trading on Wednesday 13 March.
     
  12. sptrawler

    sptrawler

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  13. Smurf1976

    Smurf1976

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    A shame to see another technical innovation in Australia end this way.

    As an engineering concept it ought to be possible but it's not going to be done in WA by this company it seems.:2twocents
     
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  14. qldfrog

    qldfrog

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    In the last 20y i have been here, i do not remember seeing a successful innovative business in australia.
    atlassian had to runaway ASAP
    Any other?
    between the way the r and d grants and research bodies work, the way banks only want to finance retail housing, very technically uneducated decision makers and governments, no chance.
    Add taxation system,why would you?
    My AR AI startup is based in china, and when offered to open an aussie branch, it was not even to be considered from my point of view.
    A team of 4 aussies: 2 businesses 1 in china, 1 in japan and i am the last one living and being taxed here
    Why do i still bother...
    I have no trchnical expertise to know if Carnegie was technically worthwhile, but even if it was, there is no way they would succeed
    Compare to China, EU or the US:
    If they were technically good, they would be flooded with public grant and partnership with big company, what can they do here?
    Even BHP real headquarters are in Singapore, we can only play with 2nd tiers here, and when Turnbull was talking innovation, people were falling asleep or smirking
    Rant over, another one bites the dust..
     
  15. jbocker

    jbocker

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    It is bizarre. A govt has pulled out of a green energy company. Probably rightly so. However when there is so much criticism levelled at govts for not doing enough for green solutions, where are the green energy backers? Now that WA govt has officially withdrawn I hear no howling from them.
    Do they only arc-up when traditional fossil fuels are promoted for power generation but don't give as much as a squeaky fart when a innovative technology takes a hit as a govt pulls out.
     
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  16. sptrawler

    sptrawler

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    Where is Redflow batteries manufacturing plant? Where does Lynus value add to their rare earth resources?
    Why aren't we making a lithium battery plant here? We have all the raw materials required.
    The clever Country,lol make all our kids go to Uni, while we import skilled labour.
    As frog says, our kids should be doing courses on South America, so they can learn how to adapt.
     
  17. Ann

    Ann

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    Funny you should say that sptrawler, I was looking at just such a company yesterday, it got slapped today! :)
    MNS - Magnis Energy Technology
     
  18. sptrawler

    sptrawler

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    Yes let's see if that gets up and running, I would be very surprised, with our taxes, our wages and our market size.
     
  19. Ann

    Ann

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    There may be government support both state and federal. They are also going to more remote areas so there could also be incentives for that. We want and need industry and that is going to be a growth industry for some time. Our dollar may fall which could make us more competitive. I really like the idea of us getting into more of the end use value add as opposed to digging stuff up and selling it off to others who value add. We should do it ourselves. There is plenty of money around if it could only be redirected a bit more wisely.
     
  20. sptrawler

    sptrawler

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    I remember everyone saying we should be value adding in the 1970's, not much has happened, other than what was built is mostly now closed down.
    BHP was meant to have a steel smelter and rolling mills built at Kwinana, by 1980, it never happened and now even the pig iron blast furnace is long gone.
    Yet they are exporting more iron ore, than they ever did.
    Rio Tinto didn't even build a furnace in W.A.
    So W.A is one of the worlds largest iron ore exporters and doesn't have any steel processing at all.
    It doesn't bode well, for start ups in smaller niche resources. IMO
     
    Last edited: Mar 13, 2019
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