18 Jan, 2024
Chairmans Address – Jan 2024 EGM
Shareholders have been asked to attend today’s meeting to consider the future of the Company.
The resolutions put before shareholders offer two choices: Resolutions 1 and 2 provide for selling the Company’s assets, paying all creditors in full, distributing the balance of cash to
shareholders, and winding up the various corporate entities. This option carries the unanimous recommendation of your Board of Directors.
Alternatively, Resolutions 3, 4 and 5 have been proposed by some shareholders to continue trading and to do this under a new Board of Directors, new management and new strategy.
Let me review for a moment how the Company arrived at this situation.
The Directors, like many Shareholders, continue to believe in the potential of Phoslock’s offering. However, despite best efforts, the Company has unfortunately not been able to
convert this potential into profitable operating performance.
Shareholders know that Phoslock is an Australian product invented by CSIRO, that has successfully been applied in over 320 projects around the world to trap phosphates and improve the water quality of nutrient polluted lakes and other water bodies.
Sustainable fresh water is one of the planet’s biggest challenges and PET has a proven and effective solution to deal with one of its major pollutants. Nutrient enriched water bodies are often the cause of significant algal growth. Algae polluted water bodies also produce methane gas which is a major contributor to climate change. Phoslock, by removing the food source phosphorus for those algae, can play a significant role in managing this issue.
PET has demonstrated that it is internationally competitive on several major projects. Its successes have included cleaning up the Serpentine Lake in Hyde Park, London, for the Olympics, and restoring to health the largest freshwater lake in Rotterdam, in the Netherlands.
For the full announcement, download PDF.