Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Ji5006
Not really glum on.todays RNS could have been worse so a positive on that front. Basically , and as you say, exist SFO obviously fell short on regulatory issues hence her departure but really this 'shuffling the chairs' looks clumsy but maintained guidance and divi comments give me confidence.
All theory of course but todays uptick welcome just hope it continues but not sure the markets are as confident on FCRM as us lot. Still hoping Bayford up their holding.
Could have a lot worse. Most of us thought that they had bought a pig in a poke, ie Dumasis, which could have caused a massive write down in asset values, so we should count ourselves lucky.
As others have said, this could and should of been avoided, the company has known for some time what was required on the accounts, and has made a bit of a hash of it, and cost the CFO her job.
Reassurances again from the board that the business is good, I suppose it comes down to competence, and this fiasco over the accounts doesn't look good, so outsiders will most likely be giving FCRM a wide berth for now.
Harry
Why the glum thoughts? Climb back now and divi policy unchanged.
The Coy should have taken account of pending changes included in IFRS15 but didn’t. The changes became mandatory in Jan 19. The CFO had not taken the necessary steps so the Auditor would not accept the figures – so she stepped down.
In olden days accountants were conservative –write down value of stock but not write up est asset value increase. Exception – land and buildings where increase in value posted to revaluation reserve – not retined profit because the increased value had not been realised – i.e. sold.
2019 – transparency – and the Board currently estimates this to be in the order of approximately £1.1 million reduction in EBITDA and corresponding increase to balance sheet reserves and £8.1 million reduction in turnover and cost of sales.
So + and - , - and plus and
As stated above, there is no change to the Group's underlying performance or cash resources
If the company had had the courage to tell us what the problem was several weeks ago, they would in my view have avoided the catastrophic SP fall. Lots of companies have had the same problem, but changed their reporting methods much earlier. Anyway I have bought in this morning having sold out a few weeks ago. Bought at 28p, ( all the 28 p trades are buys) and am sticking with it. If it goes above 30 will buy more. good luck to all.
Could be correct Choppers but lets see how we end the day. Present uptick is 'early doors' but hope it continues. Bayford obviously know more than us so lets see if we get another RNS.
All theory of course.
Strengthened balance sheet, is n't that what we're all looking for? Think you're 20p stop can be raised a bit now Harry!
I think it remains a good buy, for those that seek dividends it’s a steal
My reading of what they have done is install pipe networks at cost x, but say they are worth much more and claim that uplift as profit. The auditors have told them the uplift can only appear on the balance sheet not in p and l. So while their statement ref cash etc is trus, it makes me worry a little about whether other dodgy practices are lurking. having said all that I will buy at bargain prices.
Pre market shows a drop of near 6% at the open. Not sure but could be a roller coaster today.
For me my 'stop' at 20p stays in place just see market reaction. Aim stock so not widely traded so big swings on low volume. Sounds as if the retained assets have good profit growth but how this swings against revenue growth is confusing. Basically historic income streams 'put somewhere else on the balance sheet'. Wheres J5006 when you need him.
All theory of course.
Has done nothing to help me decide what position we are in. It sounds like six of one and half a dozen of the other. Can someone with more upstairs than I have explain please? Thanks in advance