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I am not invested here was looking at some gold share to eventually park some cash...But have to say I don't like one bit these financials from POG.
Reading your posts I get a confirmation of my taste for this company. Come on people a £22million loss from a financial item nobody (including me) can really grasp what is about? An the company doesn't even bother to attach a bullet point reference number to the financials, to explain below in more detail, what is it for? Some call it maybe creative accounting.....doesn't scare you?
Beside and not to deramp but all in sustainable cost have increased by some 20% which is quite a lot and there seems to be more costs increases from lower grade coming up.
Ad to that legal matters and you can imagine what I would do if invested here.
A cynic might say that it wouldn't have been politic to produce an upbeat set of results for a period when the old firm were in charge.
Workingstiff, reality is, it isn't cash, we have been amassing cash as is shown in the fact that they show a cash in hand position. Creative or not accounting. Still can't work out what the options are for at the start. Do we not gain anything from them. ?? The convertibles have always confused me, I will openly agree that.
Rusty - I think the loss was down to the convertible bonds increase in book value BEFORE they were converted. Once converted, they disappear from the books.
The volume of trades is fairly low this morning. We haven't seen the normal post results surge in activity. So although the SP is well down as I write, there isn't much impetus behind the drop at the moment.
Paper loss. maybe so, but i hope this is a one off event. Production seems to be still in place.
This time next year, we will be better off.
Its a paper loss reflecting the convertible conversions, don't know how they work that one out.
Reality profit was very good, debt is down, prepay is down, and it looks like they are amassing some cash so maybe we won't have to use prepay in future which will save us more interest.
If it wasn't for the write down on the convertibles people would be shouting how good the results were. 2 more quarters and that prepaid should be gone and we should be starting to produce real cash.b
It looks like a paper loss, without which we would have seen a profit of 100m. The conversions, and the reduction in the share price will largely remove this going forward. I'm not sure if that will result in a reversal, and a paper profit next time.
This was an opportunity for the new team to get the bad news out of the way, I guess. My main concern is that they have alluded to, but haven't really quantified the extent to which the recalcitrant subsidiaries are hurting them, and there is no indication as to how they intend to get these subsidiaries back on side. They are all big boys. They should be able to do more than whine about it in the half year report.
so the 22m loss is caused by a non cash write down, which I dont fully understand, but it does mean that operationally we were profitable, but this accounting write down brought us into negative territory on a technical point..
hopefully this write down has been done purposely at a high level to clear the decks , so to speak..
Any thoughts anyone..
"§ Headline loss for the period of US$(22.0)m: compares to a gain in H1 2019 of US$3.9m and caused by a negative non-cash adjustment of US$(122.2)m related to a fair value loss on the conversion option (H1 2019: US$(9.2)m) reflecting the increase in the Company's share price"