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Keep an eye out for some posters on here suspected of being short recently. With suspension in place I suspect they won’t be posting much now as they can’t spread fear and impact the SP daily any more. Unlike Jaknife they are left holding their short and praying no PSC is announced.
With all these twist and turns, I am now accepting this road is a rough and tough one.
If they have any intention of keeping the light on and averting all the vote of no confidence, they have no option now than to release a massive critical news not the empty RNSs we have been receiving inmho
GLA
There have been a large number of suspensions today across the market due to accounts not been completed in time. It's a staffing crisis across the auditors and nothing to worry about. Exacerbated here by our change in reporting.
Yeah.. a few of us previously alluded to the possibility that the psc agreement is dragging on because it might actually include potential jv partner in the final discussions.. or at least thereabouts.. cos if upl and petros agree something then it's kindof useless if a future potential jv partner doesn't join in, because their opinion is that the Gross terms of the psc are not good enough..
Looks like there is a good chance that this 3way process is now underway..
Companies change auditor for a million different reasons. Often it's to make sure that the auditor is not missing anything, as a fresh set of eyes can sometimes alert the company to an issue. Another reason recently that companies are changing is because of the auditors staffing crisis, where the existing auditor says there's no chance they will meet the target date, the company has no real choice but to try a different auditor.
One glimmer of hope is in the last paragraph. It didn't need to be added to the RNS but it was 🤞
" Shareholders should note that we are progressing and finalising work-streams related to licensing arrangements and joint venture discussions. We will be updating the market on these developments in the near-term. "
Are you saying the current auditor is not a reputable firm ?
I do hope you’re right ! I would love to be wrong!!
The last published accounts to 2002 had Crowe U.K. LLP as auditor. One has to pose the question what was the reason to alternate from such a reputable firm as Crowe ?
Somebody posted this yesterday:
‘Definitely starting to feel like we have all been mugged off’
Nothing to do with UPL at all. Read, learn, and then stop posting false information.
https://qxaccounting.com/uk/the-staffing-crisis-in-the-accounting-industry-stats-that-are-a-wake-up-call/
There is a genuine staffing crisis in the auditors sector. Delays everywhere.
https://qxaccounting.com/uk/the-staffing-crisis-in-the-accounting-industry-stats-that-are-a-wake-up-call/
Ask yourself why TW wrote a very public article week telling us all that Jaknife/Evil Banksta has closed his short at a LOSS.
Annoying that these spivs get inside info from Brokers etc etc but also a very telling sign that he didn’t want to be sweating through a lock down period
And there will be a torrent of shorts forced to close at a higher price. Win win
Let’s see ;-)
If …… NOT when
What could go wrong? Dih!
No confidence?! Check the price of the SP the last time the company suspended to what it is today. When the PSC is announced there will be a huge amount of buys as soon the market opens.
Had 4 additional months. UPL delayed the 31st of December audit and managed to amalgamate it with another audit. At best this is total utter incompetence by UPL and their auditors
Thanks Art. Didn’t know that.
Thank you for that typically arrogant reply on this board. It’s simple. Why does a delayed audit mean suspension and what does it actually mean.
I’ll ask someone else and thanks 🦃
Utter garbage !!
Not poor form at all.
The audit was for a longer time period than usual..
Easy to get towards the end and realise more time is needed to complete the process..
They would've tried to get in by the deadline, but they haven't succeeded.. nothing untoward about it all
The comments about shorter are quite humorous.. cos whoever is really short.. is kindof fekd.. if upl announces progress on psc or jv in the meantime :-)
It is indeed a complete nothing event. Not sure if the 'poor form' is correct. Is it the BoD or Auditers who are to blame ? More likely the latter who are independent and have compete control over the process.
Either way it is only those with 'open positions' who are under threat. My guess is that when the audit process is completed, the BoD will immediately announce the PSC or some other material advance ( eg. the JV) to offset any negativity and panic from ignorant so-called investors
This goes two ways. The market will love it if some actual material PSC news etc comes before suspension lifted or hate it if lifted without material news. At lease it means the incessant attacks by envious folk on x etc are now ineffective in their goal