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Bought themselves time to dump loads of shares at £12.50 (? Think it was around that)
The Committee and the Review Advisers are investigating these matters and seeking to determine the materiality of the discrepancies." How the company's auditors did not pick this us is amazing!
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Auditors don't guarantee that the financial statements are 100% correct & error / fraud free, they provide a certain level of assurance based on the samples tested. They don't check every transaction. The key word in that sentence is "materiality", this is noting unusual to have discrepancies in the accounts especially in the large companies. Again, materiality is the key. If if it's less than 1-2% of the total assets, 0.5%-1% of total revenue or 5-10% of profit before tax it would be considered immaterial and auditor's opinion wouldn't even have to be modified. That 335m is not automatically owed, it was just a guarantee in case of non-payment, and "the facilities will no longer be made available for further supplier financing with the aim that the relevant balances should be unwound in line with existing terms". CEO got sacked, clearing the deck continues. Heads have to roll. Good. The sooner the better. This can only be a good thing in the long run. Accounts have to be delayed by default, and trust me when they are published they will be correct. All that nonsense is already included in the price anyway. Market may overreact as it always does but this won't last forever.
KOH
US small market
Why hire a guy and threaten to take to court if corruption
£4.50
Hahaha
HeresHopin, sounds too good to be true. but you know what they say, if it's too good to be true then it probably.......
Lol...HeresHopin, sounds like a great deal
Was this update released in US?
Financial arrangements were introduced in 2018, as such cant impact all previous years but just that year
Wishful thinking... they’ll probably be no need to support the price as this will/has to be suspended.
Just my opinion, if the IIs start support from the morning we may not see that sharp fall (may stay current SP) as everyone expecting.. I think the IIs providing this support from last few days which can be observed from last 3 days performance where the whole market has fallen sharply but NMC is not..
Mrd are you planning on selling or holding?
It requires trading activity to set a price! And volume is 5,443 today!
I can’t see how this won’t be suspended at 7am tomorrow. They will have to restate all previous financial accounts.
That's a very good question! Why has it not plunged? Little volume or not I would have expected it to have tanked.
No volume on that. So don’t read too much into it.
Why is USA still trading 915p even after this rns.
You're right this absolutely should be suspended but it won't until much more damage is done I fear.
I held previously hoping for a bounce after the initial muddy waters short and the investigation was announced, sold out for a loss of a third when the shareholding issues came up, that was at £10.50.
This is now in chaos and nobody can truly say they have a handle on the extent and effect on share price, this is now as much of a gamble as red or black but with 0, 00, 000, 0000 & 00000.
Huge sympathies for long term holders who bought into what looked on paper to be a strong company, youve been defrauded and the auditors have much to answer for but will get off Scott free as ever.
Flava- what made you give that figure of 943??
Well, they could have released this on Friday evening. But giving everyone 2 trading days to do whatever they see fit makes me think nmc wants to be very clear and fair to all.
I posted earlier to say I sold in profit towards the close, and moved my guaranteed stop to break even... I just hope it opens tomorrow so that gets hit.
The CEO resigning is not a problem - he was probably out anyway, the COO off due to "illness" is - he is culpable as well as the CEO as he will have had to know of the probable fraud.
The company debt discrepancies (unknown to most of the Bod) is serious as the company could be in trouble.
From the RNS : "In the course of their work to reconcile NMC's cash balances and net debt as at 15 December 2019, the Review Advisers have identified potential discrepancies and inconsistencies in the Company's bank statements and ledger entries. The Committee and the Review Advisers are investigating these matters and seeking to determine the materiality of the discrepancies."
How the company's auditors did not pick this us is amazing!
Maybe 943p tomorrow morning
Hi Adzy, I know you went long in to it last week. Have you still got any stake left in or did you sell all today?
Repost:
25 Feb 2020 17:36
“ Mr Chandler acquired his stake in Sino-Forest in August, two months after Carson Block, the US shortseller, accused the company of “stratospheric fraud” and just weeks before Canadian regulators halted trading in the company’s shares. Sino-Forest last week began legal proceedings against Mr Block, accusing him of defamation.”
all over again...
We’ll be lucky if this even opens tomorrow. It deserves to be suspended until the investigation is over.
Guys I know this is not the RNS we were waiting for but I genuinely think that most of that has been factored in the price.
Whenever we received an RNS with a Director resigning, the SP increased a little.
I am not saying that it will definitely stay the same or increase tomorrow but I think it will not have that serious affect on the SP