My Email to Toby Durrant, 5/20/11
Mr. Durrant,
Thank you for speaking with me a couple of weeks ago (I was the American shareholder that called on May 3rd around 10:30am EST). I understand your time is limited so I will try to be as brief as possible while maintaining clarity. As always, I understand not to expect a response disclosing any "new" information that is not already public knowledge.
First, I am thrilled to have the initial Seawind acquisitions and subsidiaries under the belt, and to see the project acquisitions move forward as well! I speak for many shareholders when I say that the thoroughness of communication and disclosure is much appreciated. Of course I have full confidence that we will be updated on projects and events as they continue to progress - you and your team have made that quite clear with the level of communication so far.
However, I did want provide a shareholder perspective on several pertinent items. There are a few questions that many shareholders have yet to find the answers for through filings, PRs, and extensive research available on the internet.
1). Rudana's Current Involvement - Since Rudana is not listed as a beneficial owner, I must assume Bank Julius Baer either bought their shares, or is a creditor that acquired them through Rudana's bankruptcy. (Also, is Viewpoint Investment Rudana's "alter ego"?) Furthermore, can we have a full account of Rudana's original shares? Prior to any news of the anticipated merger, the filings showed Rudana in ownership of 27,716,208 shares. As of the April 14 8-k, Rudana's ownership totaled 20,498,638 shares. Where did those 7,217,570 shares go, or what were they used for? I have heard rumors that perhaps those shares have found their way to the open market due to Rudana's foreign status (Reg S, no registration or company consent needed to sell shares) as I believe this occurred under FOUR as well. This issue is a little muddy, and hopefully I have not missed any numbers or filings that would clear it up.
And based on the PR from May 19th, it appears that Rudana's hydro projects/assets in Albania are still in the mix since "license acquisitions" are progressing even with Rudana in bankruptcy/dissolved. This is great news, but continued clarity of these hydro projects would be appreciated. Also, are all of the projects from the $5.35 billion deal that Rudana signed with Albania included in their entirety, or just a portion? Of course, previous filings stated that these projects were to be contributed prior to the merger completion, but they have not been included in any disclosures thus far.
2). Investor Relations or PR firm - I take great confidence in the fact that I can email or call and you will interact with me in a timely manner. However, I would also expect that in efforts to uplist to the NASDAQ exchange, the plans that have been mentioned for an IR/PR agency or firm will be implemented shortly. That would obviously support a full focus of your time and efforts on tasks MUCH more important than reading this email :) Is there a time frame that can be provided in regards to investor relations/company contact and NASDAQ uplisting? I realize there are specific requirements that have not been met yet for the uplisting.
I do apologize for the length of my inquiries here, as I know I have asked a lot. I understand that I may have to accept certain gaps in my knowledge that may never become fully public. I can safely assume, however, that all information needed for investors to make clear decisions will continue to be disclosed when the time is right. And I have no doubt that you and everyone at 3Power have been working tirelessly and will continue to do so as further progress is made. Thank you.
Sincerely,
Dave Duarte
