Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Yes no news is not good news. You would think they hadn't something to say another week or so and it will be two months.
Point taken re covenants however BDO by disputing policies will have forced the hand of the board.
The company asked for the suspension. If they ask to come out of their trading holiday they have to be sure that any funny business has been cleared up. Also there is the problem of ensuring any corporate loans affected by a breach of covenant continue to be secure. There may still be substantial bailing to be done to make sure the ship is left floating.
Why is this taking so long? BDO come in and don't appear to acting in stakeholders best interests. Several will be suffering; management, staff, shareholders and even HMRC. If KPMG thought VAT treatment was fine then who is wrong, and if BDO are wrong, who pays their bill?
I was very impressed the way Mike Ashley tried to save his investment/Debenhams, but it was a little too late. He made his move for Findel straight away after losing DEB. I would expect him to make his move for GMD very soon. And at least to do something here if its possible.
Bottom line is that the new auditors asked some questions on the accounting policies, which the new team at Goals couldn't answer. The old tribunal finding, and policies, were clearly supported by the old auditors but new one is throwing their weight around. The new auditors are clearly not currently acting in the interests of the shareholders. So long as Goals were acting within the HMRC rules then policies are fine and year to year comparisons can be made. When policies change then auditors make more money as they will want old accounts reaudited.... I wonder why they want them changed...
Special666 - I don't come from an accountancy background like yourself. The auditors can only audit the accounts that are presented to them? I fail to see how auditors from Chartered accountants can make such a huge oversight? Surely there should be a fraud investigation and the directors should be held accountable? I note one poster even states the SP would have fallen to 15p if trading hadn't been suspended!!! It may well have fallen a lot lower. Unfortunately shareholders are locked at the moment, if there was a police investigation into fraud would the company be struck from the London Stock Exchange for false accounting?
Never ceases to amaze me, ramping a share that is actually suspended.
Could see a loan from sports direct to pay off the vat bill with strings attached off course.
The shares were suspended by goal cos they knew shares would have fallen to 15p on the bad news. At least why in suspension they have a fighting chance to raise and have up options open to them.
Sports direct goals has a certain ring to it.
Agreed, its whether or not they can determine whether it was purposeful or bad accounting.......begs the question why the appointed auditors didn't identify this when looking at the balance sheet control, revenue recognition or any provisions. Major internal and external control issues by the looks of things.
The bottom line is that the board of directors broke the law by defrauding the Vat people. The finance director should go to prison along with the rest of the board. The company is finished. You can't f the Vat people over. It should be made the 11th commandment.
I feel so upset with stock exchange registered companies, i really wonder if us shareholders should consider just buying gold. I am totally disgusted.
The number one rule in business is do not muck around with the Vat people. What i find most upsetting is that the people that run Goal obviously knew that they were breaking the law. This company is registered on the stock exchange. Personally i am disgusted and becoming tired of companies that do not give a flying f about shareholders.
If this was simply a case that the VAT was overdue, then it would already be included in the liability presented in the balance sheet and factored into the SP.
To me it sounds as though it could be a case that a big chunk of receipts have been received over the years inclusive of VAT but shown/declared as revenue - Decreasing Revenue. Or some purchase were made and input VAT claimed when it shouldn't of been - Increasing Cost base.
Both would decrease margins materially. However, It would also positively impact corporation tax too.
Interesting to watch how this will pan out after the patisserie valerie accounting errors.
75,215,060 shares in issue Sports direct own 18.92% what equates to 14,230,689 shares. He would only need to buy 61m shares. 61m shares x 10p = 6.1 million pounds. 61m shares x 20p = 12.2 million pounds I bet he has all ready been on the phone. And the tax bill could be restructured into debt. Name change to sports direct Goals Net asset value was over a pound a share.
The RNS includes the statement:
'The Company also expects that the VAT accounting policies they intend to adopt may have an impact on profitability going forward.'
Are the margins are so low that once they include VAT they become loss-making? Seems to be an own goal even before you consider the other factors.
Owns 19% of goal. So we ain't finished yet.
The Company today announces that as part of its assessment the Board has concluded that there has been a substantial misdeclaration of VAT, going back over several years. The final value of the misdeclaration has still to be established, but currently the figure stands at approximately £12.0 million. The Company also expects that the VAT accounting policies they intend to adopt may have an impact on profitability going forward. Above is from RNSThis may be due to a little known VAT exemptions re sports club block bookings of sports facilities. There are restrictions e.g. club must be FA affiliated etc so if Goals has applied this to all block bookings it would account for the VAT misdeclaration. VAT reclaims are permitted over 4 years so HMRC can reclaim the last 4 years.Pretty poor internal accounting if that is the case.Sorry for all LTH - this should not be failing
Agree F15 did the ground work, made sure we didn't all go off enthusiastically carpet-bagging.
Anyone left high and dry might still want to cross their fingers. Boxhill PLC looked dead in the water and came back. Soon as they were back I assume most sold at a small profit. However a short time later the company changed name to St James House PLC and restructured with a subdivision of each share. Shares were divided into ordinary shares and deferred shares. After that little magic wand was waived, there was also a consolidation to get the overall number of shares looking less. The deferred share part meant shareholders had no voting right and no right to attend the AGM. Then there is this part resolution, - (iv) AS REGARDS VARIATION OF RIGHTS:
Any reduction of capital involving the cancellation of the Deferred Shares for no consideration
shall not be deemed to be a variation of the rights attaching to such shares nor a modification
of or abrogation of the rights or privileges attaching to the Deferred Shares and accordingly
the Deferred Shares may at any time be cancelled for no consideration by a Special resolution
passed by the holders of the Ordinary Shares without notice thereof being given to the holder(s)
of the Deferred Shares and without any sanction or approval on the part of any holder(s) of the
Deferred Shares.
My point/question is here is that if Board Room personal have the imagination to laboriously go through the mill restructuring ( exercise in quantitative easing) why don't they just spend the time working on managing the company where everyone is gainfully employed and profits can be achieved?
Lastly it is achievable GOALS will be back with a new name and not necessarily Final Whistle.
No you don't need a crystal ball, just a grasp of what a dodgy looking share looks like. Take this post from FJ51 a couple of weeks ago- no crystal ball required.
"You'd have to be off your box to buy this. All the hallmarks of fraud and bankruptcy.
Results to be materially below expectations: check
Accounting errors: check
CFO resignation: check
Substantial debt: check
Breach of covenants: check
Delay to publishing results: check
An increase in LFL sales compared to last year. Well done, the UK was a frozen wasteland this time last year!
Gone short! Just a shame the spread is so wide"
Metamorphosis84 - yeah I like knew they were gonna be suspended. Like I knew they would owe 12m in vat. Maybe you have a crystal ball ?
No SBB, you won't be able to get anything back for these 'cheap as chips' shares that you were ramping a couple of days ago.
and that's an understatement
Anyone on this board think they might be trading again?
Oh balls we forgot the VAT bill! Dear oh dear oh dear. Another CVI scenario.
Sell of a combined 83 pounds was a shorter trying to scare people into selling. It follows on from the massive sell of 217 shares at 24.03p yesterday for a combined amount of 52 pounds