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Thanks Ash. Makes sense, I do have basic tax knowledge so what you say makes sense (eg double taxation relief)
John
Incidentally, it's also worth knowing that the Strategic Investment incentives in Turkey include rebates of VAT for the purchase of certain capital items related to the mine investment. This type of incentive also applies to other countries so anyone who is invested in a mining business elsewhere in the world would be wise to spend a few minutes researching the incentives offered.
Cheers, Ash
Cheers, Ash
Hi John, just wanted to pick up on your questions concerning the corporation tax (CT) payable. The tax rate in Turkey is 20% and it is effectively 20% of net profit as, unlike the UK system, it is a lot more straightforward.
The Strategic Investment incentives mean that the JV only had to pay 10% of the standard rate on profit up to 50% of the capital investment, which I take to mean the mine investment cost of £32m i.e CT is payable at the full rate of 20% once cumulative profits exceed £16m, which it will have exceeded this year.
This is completely separate from any cumulative tax losses within the Plc, which will pay UK CT once it's own profits exceed tax losses b/fwd.
When it receives dividends from within the group resulting in taxable profits, after it has utilised any tax losses, any foreign tax already paid on profits before payment of the dividends will be treated as tax credit at the rate paid e.g 20% and used to offset the tax payable.
Say, if Ariana has £5m taxable profit at UK CT rates of 19%, but this is as a result of receiving £4m of dividends from the JV plus other income less expenses, it would be recognised that this is after the JV has paid 20% tax on £5m of profit so the foreign tax credit of £1m will exceed the UK tax payable at 19% on £5m. A bit simplified, but it illustrates the point.
I hope that clears matters up?
Cheers, Ash
Hi Joe, couldn't agree more. Cheers, Ash
Funny you should say that, have just finished watching Question Time ( I started late). Go help us it Corbyn gets in or Sturgeon holds the balance of power. I don't think Swinson will get anywhere, she is out of her depth.
Think I have had enough of the SP marking time, I'm as fully invested as i'm going to be and determined (and unable) to go further. I want an SP increase - roll on debt repayment and Tavsan.
Don't think Portsmouth will top the (premier) league - they aren't in it!
John - Hostility? Surely not. I'm 'avin'a larf (as you folk over the pond say). I just love to wind up trolls or anyone who tries to get up peoples' noses. There is a difference between genuine ignorance of the situation/someone seeking guidance and going out to foment aggravation. On these boards it's all too easy to be the next best thing to Aristotle or even Achilles when in reality our "hero" is a kinda mini-me Napoleonic dwarf. I'm quite "worldly" through the University of Life, retired and with time on my hands (especially in winter) so if need be I'll play silly sugars all day. However it cannot last indefinitely because others will eventually become exasperated and call for an end. Perhaps the board's moderators might even do some "filtering" of their own. Suffice that my own level of patience is fairly extensive.
Anyway, it's Weekend and for a change Goldman Sachs don't appear to have screwed up the NYSE (or LSE). Our sp is up slightly and sterling is holding up. You've even got a couple of hours of Live Entertainment on BBC question time....so enjoy (just like I'm enjoying every bit of our own Impeachment thing. The rats are jumping off in all directions! Above all, john, don't worry - you will be well ahead of the game by next Spring....even if Corbyn is your PM and (C&B) Portsmouth FC tops the league! Eat, drink and get p*$$ed.
DJ
I don know why but I am sensing hostility. Have a sauna, a glass of wine, chillax...….
I think this must be pretty much a record number of posts for this board!
NoelShemsky: "When did anyone on here ever make a forecast that came about?"
I've made lots of forecasts on here and they've all come about. You can take my word for that. I'm not just clever... I'm absolutely effing brilliant. Everyone on here already knows that but they are keeping to themselves in case it causes me to get carried away with an inflated ego. That sometimes happens with Americans.
Additionally, I can boast anytime that I've made a lot of money by just researching shares that have spectacularly risen in value and then telling everyone I had pre-invested in them. So....if you feel like proving your statement... just identify your real name and your broker account and you can bet your sweet elbow that we can check you out .
Now be a good troll, tanker, dosser, ducker or whatever rudely rhymes and go test your running skills back and forth across the M1. Adios amigo!
Sneering - that's all youv'e got.
See a forecast I made in June, documented on the ECK board -
"In my opinion, ECK is in a classic Double Bottom Reversal and will soon take out its last high of 53p."
It happened as I said, admittedly a bit later than expected, but the recent general market jitters knocked it back temporarily. Sneer all you like, I've made a pile on this rise.
When did anyone on here ever make a forecast that came about?
Sneering - the last refuge of a loser.
Freudian slip..ha ha
effing spell checker - descendant should be ascendant
In some ways, yes, but at least I am honest not like the bluffers on here.
I've had my losses, but like Woodford, I've had years of good gains, but hit a bit turbulence lately. I sat in this dead duck for too long.
Happily, my cash has been moved to risers and I am once more in the descendant.
Thank you for asking. Krish krush.
Noel, I've heard it rumoured that you're a "sucker".
"True Claret. " - what's this doing on here?
Deflecting attention from the crap analysis - of course.
Wow - all that analysis has really sent the sp rocketing - not!
The so-called analysis on here will only waste your time. One for suckers only.
True Claret.
And 'the Clarets' should hopefully have a result at the weekend, though playing someone almost at the bottom has its own pressures. Of course I am torn now between Burnley and the Villa now they are in the same league!
Not too surprised a few sells appearing, I think everyone was expecting a great RNS due to recent gold prices and maybe a nice rise in SP. Once again its done nothing but brought First Noel back to our screens.
"Only one bloke Van, I found him not worth reading a long time ago" - yeah, but who was right and who was wrong?
Answer - I was right, the sp has gone nowhere. johnpwh filtered me out because he couldn't stand being proved wrong time after time, so he filtered me out like a cry baby. Threw his toys out of the pram.
The so-called analysis on here will only waste your time. One for suckers only.
Only one bloke Van, I found him not worth reading a long time ago
What's this with the filtering?! I'm not spending time typing here to see it removed. ADVFN a better bet I think!
Well done John with the acquisitions. I'm sure we will all do well in time.
Chatty board today, though some of them are filtered!
Definitely underpinned at this SP level Van, I have a lot tied up here (I wont divulge, but more now then when I last met you) but I do sleep well because something fairly catastrophic would need to happen to drop much imo
Oh, now they've watched an interview - does that hold any more information than in official releases? More pathetically useless, so-called analysis.
Well well, look at all the analysis on here, and Ash's spreadsheet - Woooo!
All total bluff. Yes, the facts are true, but it is bluff because they are pretending that they can forecast the share price. The sp is immune to the facts. AAU has been coming out with good news for years, I like AAU, it is a good, well run company, but apart a few lucky souls who might hvae bought at 1.25p, all the others are sitting in a dead duck and missing out on gains elsewhere.
Ash's spreadsheet - I suppose updating it passes the time for him, but you might as well study astrology to see what the stars foretell for AAU. I think that method will do better.
Hi Van
How much of the $589 was the state right though? To me that is a real 'one off', one which would be better spread throughout the year rather than recognised solely in one quarters costs. So I doubt the underlying Q3 cost figure is down over Q2, quite the opposite. Other 'highlighted exceptionals', such as the push back at AS or the stripping at AN/D in Q3 seems to me just business as usual and should be recognised quarter by quarter - and similar costs will occur periodically in the future. That's why the costs are worrying me a little.
I can only assume that AN/D grades will overall be less than AS gave us, to be fair the company has been explicit on that. With stockpiled AS ore it will be some time before the picture becomes clear, but timing is on the companys side - by the time grades start to decrease the Kiziltepe construction loan should have been repaid, so the bottom line will be heathy despite that. In good time I assume grades will decline further but Tavsan should by then start making a meaningful contribution (don't forget DrS' 20,000 oz long term average which he has never deviated from, which means < 20000 oz some time in the future mine life, a lot less than the 25000 + expected this calendar year)
As we all know value will always out. Not necessarily immediately but eventually the market twigs and the re-rating occurs. You can't go wrong putting your faith in fundamentals. It lets you sleep at night.
Ash's share price predictions are supported by Panmure Gordon who say our share price should be c. 5p now at $1500 gold.
No one is asking you to buy shares here Noel. Do your own research.