same old pattern, reasonable rise up to the news, RNS out and we slide back down again. i`d say it was depressing to watch but its quite predictable so i have long since given up hoping that one of these announcements will boost the SP to a sensible level. been in this share over 9 months now and its hard not to be downbeat about it watching the SP stagnate around the mid to low 20s still hoping for something transformational but christ, its bloody frustrating seeing all this unrealised potential. cmon BOD ... deliver a knockout blow.
Tax value. Not what it's worth IMO. That saving will get ECR into a project with a higher longer term value. ECR got I to itogen for around £1mil. Imagine what can be done when you have circa £13 mil to be used as negotiating money. This will end up much much bigger than £13mil.
Analysis to confirm MGA’s tax loss position as at 30 June 2013 and 30 June 2014 is in progress (30 June being MGA’s financial year-end). The Company considers that at the present time, MGA is in compliance with the continuity of ownership test.
Creditors meeting is a success and a major step forward which I posted yesterday was a formality but happy it's been approved and made official and the utilisation is now something to look forward to.
The struggle you have here is holders wanting the spike on this news to take profit or exit altogether whilst myself and long term holders will see today's news as another on time RNS and being more important than what comes after it.
The ECR BOD will have a strategic route to market with this and now they've been given the green light.
If the creditors meeting hadn't of been approved then that would of been a problem.
Procedure will be for final dividends to be paid out and then the case is closed and MGA will exit administration and allow ECR to then peruse the use of the tax losses.
Another major hurdle overcome and I look forward to further operational updates at SLM and Itogon later this month
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