George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Not sure what you mean by that. The fact remains that a company that does not pay its statutory obligations represents a big red flag as in investment.
Its recent update was very coy. How much has it repaid? Is it £1,000 or £10m?
Jan 2021: It said it had begun to start paying back the £79m of tax it deferred because of the covid pandemic in its 2020 financial year, including £25m of VAT which, in its full year results, said it has until the end of March to clear. The remaining £54.7m is due to be paid by the end of its 2021 financial year after the firm struck a so-called Time To Pay agreement with HMRC.
Actually, you may be correct. Kier has not paid £80m VAT and income tax so that would suggest that such liabilities are of no concern. Except of course they are a concern as is the £125m trade finance and the net debt of £310m.
That net debt is more than likely window dressed with average and max debt significantly higher. Kier is in dreadful state and even though they pretend otherwise, it is not business as usual in the company.
If you understand what you are writing about, why are you being misleading or worse telling deliberate untruths; if you don't grasp exactly what is happening at Kier, and I do not claim to as an outside private investor, then I will inform you now that facts in previous published accounts and documents show that you are distorting what the company has stated. Are you saying Davies lies in documents which are in the public domain? He is a competent, hands on operator supported by a strong FD. I trust him, more than I trust you!
Debt in Kier is off the scale. The £80m overdue is a hint if one was needed that Kier is at the limit of its borrowing.
Those month end window dressed numbers are just half the story. The real squeeze comes as they pay their quarterly VAT bill. Bet the subbies are left in the lurch at the end of that month.
There will be an emergency rights issue, deeply discounted with current shareholders taking a bath. No other way out for Kier.
My point is, there's possible positioning of the company and the finance house's. The traditional banks are lent out. To my reckoning kier are somewhere around 800m to 1.1 bln in debt. It is a near impossible hole to climb out of. Remember carillion were supposed to have been 1.1bln in debt, that turned out to be nearer 7bln as we now are finding out. DYOR
Coltrane tried to aggressively take control of interserve, and obviously didn't end well for them, the likes of GH and his funds and the other investors on the sidelines, are possibly going for an outwardly friendly takeover, by stealth, to take the company private. Be wary, as very little information coming from the board, just seems to be leaks to sky, they are not defending the company
Interserve & Kier may appear to be the same on the surface but in reality they are in a completely different position. Interserve had £815m of debt & two major shareholders with a combined 33% stake that led the revolt, which incidentally only won due to a low voter turn out. I don't suppose the same will happen again, also there is no single shareholder with anything like 33% stake.
Interserve are primarily a Service company that also do a bit of Construction. Kier are the other way round. Construction is a cash generative process which will allow them to trade their way back to where they should be.
Anyone sure what form this is going to take??, shareholders under pressure either way. New shares issued will dilute share price. Or is it going to be the 'interserve format' debt for equity, equity raise. Interserve was trying to spin off RMD Kwikform prior to that taking place, and was told by the government that it was not to happen. Is that why KL sale has not concluded,?? because if it is debt for equity, thats why Terra firma and other large finance houses are lining up. For shareholders neither option is good, DYOR,