CARNEGIE CLEAN ENERGY LIMITED (CCE)

The suspension of trading in the securities of Carnegie Clean Energy Limited will be lifted from the commencement of trading on Thursday, 31 October 2019, following completion of CCE's recapitalisation.

Following the recapitalisation of CCE, its securities are expected to be reinstated to official quotation as part of Group 2 at 10:02 am (+/- 15 seconds) AEDT on Thursday, 31 October 2019.

The securities of Carnegie Clean Energy Limited were suspended from Official Quotation on Friday, 1 March 2019. Following the recapitalisation of CCE, its securities are expected to be reinstated to official quotation as part of Group 2 at 10:02 am (+/- 15 seconds) AEDT on Thursday, 31 October 2019.

The DOCA has now been effectuated. John Bumbak and Richard Tucker resigned as Deed Administrators today, and control of the company has returned to the directors. The company is working towards the re-instatement of its shares to trading on the ASX on or around 31 October 2019.

The company lodges its Appendix 4C - quarterly.

The company lodges its Full Year Statutory Accounts.

The Annual General Meeting of the Company will be held at Swan Yacht Club, Riverside Road, East Fremantle Western Australia 6158 on Monday 25 November 2019 commencing at 9.00am WST.

The company has made good progress in respect to the conditions for reinstatement and is now working on satisfying the remaining conditions including the completion of the audited financial accounts and effectuation of the DOCA. The issue of new shares together with the new securities under the recapitalisation proposal, are anticipated to occur on or around 28 October 2019.

The company has satisfied some but not all of the conditoins to reinstatement and continues to work through the outstanding conditions, including the completion of the audited financial accounts and effectuation of the DOCA. The issue of new shares pursuant to the entitlement offer and shortfall offer, together with the new securities under the recapitalisation proposal, are anticipated to occur on or around 23 October 2019. Carnegie will continue to advise shareholders on the progress by way of further ASX announcements.

Carnegie and ARENA have mutually agreed to terminate the existing CETO 6 Project Funding Agreement. In recognition of the work Carnegie completed on the CETO 6 Project and the knowledge being shared from the CETO 6 Project, ARENA has agreed to pay a partial milestone payment of $865,493 to the company. These funds will remain with Carnegie going forward, post effectuation of the deed of company arrangement, and the company intends to utilise these funds to support the ongoing development of the CETO technology.

The company is currently working through the conditions required to be met in order for ASX to approve reinstatement of Carnegie's securities to trading, including procuring completion of the audited financial accounts for the year ended 30 June 2019 and effectuation of the DOCA. The issue of new shares pursuant to the entitlement offer and shortfall offer, together with the new securities under the recapitalisation proposal are anticipated to occur on or around 17 October 2019.

ASX has granted the company a waiver from Listing Rule 14.7 to the extent necessary to enable the Company to issue securities to entities associated with Mr Michael Fitzpatrick and Mooney Partners Pty Ltd more than one month after Shareholders approved the issue of securities in accordance with resolutions 3 and 5 at the Meeting. The securities to be issued to entities associated with Mr Michael Fitzpatrick and Mooney Partners Pty Ltd will be issued on or around the same time as the new shares under the entitlement offer and shortfall offer. Based solely on the information provided, ASX grants the Company a waiver from listing rule 14.7 to the extent necessary to permit the company to issue shares as approved by shareholders at the Meeting, later than one month after the date of Shareholder approval.

The company's non-renounceable entitlement offer of four (4) new shares offered for every one (1) share held by eligible shareholders closed at 5.00pm WST on 18 September 2019. The company has received applications for 3,813,424,335 New Shares from eligible shareholders under the Entitlement Offer, 603,831,082 New Shares from eligible shareholders under the shortfall offer and commitments for 1,082,744,583 New Shares from third party investors under the Shortfall Offer, thereby achieving the minimum subscription amount of $5,500,000. The Company reserves the right to place the remaining shortfall of 6,025,809,800 New Shares within three months of the closing date of the Entitlement Offer. The issue of the New Shares under the Entitlement Offer and Shortfall Offer, together with the new securities under the recapitalisation proposal are anticipated to occur on or about 7 October 2019.

The company releases a second supplementary prospectus.

The company provides a general update to shareholders with the following key points: major European conference reinforces global ambitions for wave energy; Garden Island solar generation ticks over 200 MWh and first invoice raised; Entitlement Offer share issue approved at General Meeting of shareholders "“ Offer closes 18 September.

The company issues a supplementary prospectus which must be read together with the 31 July 2019 prospectus.

One of the Company's main assets following the completion of the recapitalisation process will be the IP which has been developed over a decade of research, development and demonstration projects. These activities have created intellectual property which has informed the evolution and development of the CETO technology and comprises patents, trade secrets (codes, methods etc) and know-how. As at 23 August 2019, the Company's patent portfolio comprises of 70 granted patents and 18 patents pending. Carnegie utilises Wrays, an independent IP specialist firm, to provide assistance in monitoring any actions required in respect to the CETO Patent Portfolio renewals and application processes such as exam reports) and to facilitate correspondence and support from intellectual property specialists and governments in various countries in which the patents in respect to the CETO Patent Portfolio are held.

The company lodges its Annual Report to shareholders.

On the basis the company will be lodging and dispatching a supplementary prospectus shortly, the closing date for the offers, including the entitlement offer, has been extended to 5:00pm (WST) on 18 September 2019, subject to the right of the company to close the offers early or further extend the closing dates.

Garden Island Microgrid has commenced operations following recent approval from the Department of Defence. With approvals in place from Department of Defence and Western Power (received in late June), Carnegie has officially powered up the system and has commenced producing clean renewable energy for HMAS Stirling, Australia's largest naval base. Carnegie will retain 100% ownership the Garden Island Microgrid following recapitalisation.

The company has not paid their annual listing fees in respect of the year ending 30 June 2020 but the securities are already suspended from official quotation.

The company advises that it will host a live audio investor webinar on 19 August 2019 at 10:00am AWST/12:00pm AEST. This will be followed by a shareholder town hall presentation to be held at 2.00pm at the Pawsey Supercomputing Centre in Perth.

The prospectus and personalised entitlement and acceptance forms in respect to the company's non-renounceable entitlement offer announced on 1 August 2019 has been dispatched to eligible shareholders.

The company releases a recapitalisation Presentation.

ASX has granted the company the following additional waivers from Listing Rules 10.1, 7.3.2, 10.13.3 and 10.13.5.

The company releases separate letters to eligible and ineligible shareholders in relation to the non-renounceable pro rata entitlement offer to raise up to $11,525,810.

The company releases a letter to its shareholders in relation to the prospectus which was lodged earlier.

The company issues a prospectus for a non-renounceable pro rata entitlement offer of four (4) new shares for every one (1) share held by eligible shareholders on the record date at an issue price of $0.001 per new share to raise a minimum of $5,500,000 (before costs) and a maximum of approximately $11,525,810 (before costs). The entitlement offer is currently expected to open at 5.00pm (WST) on 9 August 2019 and close at 5.00pm (WST) on 4 September 2019.

The company releases a notice of general meeting. The meeting will be held at the Swan Yacht Club, Riverside Road, East Fremantle Western Australia 6158 on 30 August 2019 at 9.00am (WST).

ASX has granted the company waivers from Listing Rules 7.11.3 and 10.1.

Carnegie's management team is currently finalising a prospectus in respect to the offer and progressing relevant agreements pursuant to the DOCA with key stakeholders. The offer is anticipated to occur later this month, and Carnegie looks forward to engaging with shareholders about the future of the company. A shareholder meeting will also be held prior to the close of the offer to obtain necessary shareholder approvals to effectuate the DOCA. Carnegie has reduced its operating costs through reduced staff and overhead costs. The team has recently relocated to Carnegie's wave energy research facility in North Fremantle and continues operating, within the constraints of the administration procses. Energy Made Clean has been placed into liquidation and Carnegie will no longer have any economic exposure to the EMC business. The Carnegie team has continued pursuing severael key CETO innovation opportunities previously identified through internal analysis and design. The Garden Island Microgrid recently received approval to operate from Western Power and the Department of Defence is now completing its final review.

HLB Mann Judd has been appointed as auditor of the company. This appointment follows the resignation of Crowe Horwath, and ASIC's consent to the resignation.

Simavita releases SGM presentation.

Carnegie executed a Deed of Company Arrangement with Mooney & Partners Pty Ltd and Asymmetric Investment Management on 13 May 2019. This follows the unanimous creditor support received for the DoCA at a meeting of creditors held on 17 April 2019. The DoCA extinguishes certain pre-administration creditor claims and converts a proportion of Carnegie's debt to equity, with a portion of residual debt being restructured and carrying over to the recapitalised Carnegie in the form of new convertible notes maturing in 2021. Carnegie's loss-making subsidiary Energy Made Clean Pty Ltd (In Liquidation) has been placed into liquidation, and no further funding for that business will be made by Carnegie. Following completion of the DoCA, Carnegie will emerge with a restructured balance sheet, holding its CETO Intellectual Property and the Garden Island Microgrid, and be well placed to continue its core business of transforming the global renewable energy market through its wave energy technology.

Creditors of Carnegie Clean Energy Limited have today unanimously accepted a restructuring plan to save the company and relist on the Australian Securities Exchange. The plan was put to a meeting of creditors today by KordaMentha Restructuring partners Richard Tucker and John Bumbak. The plan provides for a recapitalisation of the company, a restructure of its balance sheet and a relisting over the next 3 to 4 months. The target for capital raising is up to $5 million. Major shareholders and directors who advanced cash to keep the company going before and after administration will swap debt for equity, with some debt being restructured and carried over to the relisted company. Unsecured creditors can expect a return of up to 10 cents in the dollar.

The administrators releases a report to creditors. This includes details about the proposed recapitalisation of the Company via a Deed of Company Arrangement, which the Administrators recommend creditors vote to accept at the upcoming Second Meeting of Creditors on Wednesday, 17 April 2019. Shareholders may also access the Orders of Master Sanderson in relation to the funding agreement executed by the Administrators on the KordaMentha website.

The company and its subsidiaries, EMC Co Pty Ltd, Energy Made Clean Pty Ltd and EMC Engineering Australia Pty Ltd, was placed into voluntary administration. The CETO wave energy subsidiary companies have not been placed into voluntary administration. Mooney & Partners Pty Ltd, a company associated with director and shareholder Grant Mooney, together with key stakeholder Asymmetric Credit Partners Pty Ltd, have agreed in principle to provide interim funding support to the voluntary administrators so that they can pursue a recapitalisation of the core Carnegie wave energy business. As part of the recapitalisation proposal, the Energy Made Clean business will be sold or wound-down, there will be no further losses from this business that will be funded by shareholders. The interim funding support is subject to finalisation of documentation and other approvals.

Richard Tucker and John Bumbak of KordaMentha Restructuring were appointed as voluntary administrators of the Company and certain subsidiaries on 14 March 2019. The administrators are in discussions with key stakeholders to secure funding to allow the Company to continue to trade whilst the administrators pursue a recapitalisation of the Company via a Deed of Company Arrangement.

The company requests an extension to the voluntary suspension of its securities pending an announcement regarding a strategic review of the company's operations and a fundraising initiative. An announcement is expected to be made to the market no later than 19 March 2019.

The State Government of Western Australia has elected to terminate Carnegie's Financial Assistance Agreement for the Albany Wave Energy Project.

The Company will remain in suspension pending an announcement regarding a strategic review of the Company's operations including the Energy Made Clean business and a fundraising initiative. The Company anticipates the suspension to last until commencement of trading Wednesday 13 March 2019.

The company lodges its Half Yearly Report and Accounts.

The company's securities will be suspended from official quotation following failure to lodge the relevant periodic report by the duee date.

name changed from Carnegie Wave Energy Limited