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David Sutton

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David Sutton is a Director of Coal Energy Australia (CEA), an unlisted Australian company seeking to develop a brown coal project in Victoria.[1]

CEA Background

In mid-May 2014 the Victorian and Commonwealth government's allocated $30 million to CEA from the Advanced Lignite Demonstration Program for the construction of "a $143 million demonstration plant producing fertiliser, oil and high value coal used in steelmaking."[2]

In its first full financial year the company racked up a loss of $531,679 after tax.[3] According to the company's financial statement the remaining equity value of the company was just $170,086.[4] Not surprisingly the company stated that it "is currently considering capital raising activities".[3]

In the financial year to the end of June 30, 2013 CEA had a paltry income of just $26,326 while total expenses were $558,005. Over 80% of the company's expenses for the year - $449,163 - were for "consulting".[5]

Background

A brief biographical note in the Coal Energy Australia financial report states:[6]

"Mr Sutton has many years experience in stockbroking and investment banking including management of corporate finance, advisory, and share broking activities. He currently owns and manages Dayton Way Financial Pty Limited, a boutique financial services company focussing on the resources sector, which has offices in Sydney and Hong Kong."
"Prior to his current role, he was a partner and Director of several stock exchange member firms including Clarke & Co and Macnab Clarke. David's past experience includes Directorships in several industrial and resource companies. He is currently Chairman of EHG Corporation Limited, Silver Mines Limited and Sinovus Mining Limited as well as Director of Empire Energy Group Limited".

CEA's financial report also lists directorships Sutton has held in the last three years as being:[7]

  • Earth Heat Ltd
  • Silver Mines Ltd
  • Sinovus Mining Ltd
  • Empire Energy Group Ltd
  • Precious Metals Investments Ltd
  • AAT Corporation Ltd
  • EHG Corporation.

Articles and Resources

Related Sourcewatch articles

References

  1. “Coal Energy Australia: Current & Historical Company Extract”, Australian Securities and Investment Commission, 7 August 2013.
  2. Federal Minister for Industry Ian Macfarlane, Deputy Premier Peter Ryan and Victorian Minister for Energy and Resources Russell Northe, "Advanced coal projects to drive new jobs", Media Release, May 16, 2014.
  3. 3.0 3.1 Coal Energy Australia, "Financial Report for the Financial Period Ended June 30 2013", March 2014, page 2.
  4. Coal Energy Australia, "Financial Report for the Financial Period Ended June 30 2013", March 2014, page 7.
  5. Coal Energy Australia, "Financial Report for the Financial Period Ended June 30 2013", March 2014, page 6.
  6. Coal Energy Australia Limited, "Financial Report for the Financial Period Ended 30 June 2013", March 2014, page 4.
  7. Coal Energy Australia Limited, "Financial Report for the Financial Period Ended 30 June 2013", March 2014, page 4.

External Resources

External articles