Daybreak & California Drills14 Jul 2025 09:47
Simon64 will have potential new investors believe that what goes on in California could possibly return a financial 'pay back' to them. Nothing could be further from the truth. The private limited company based on the Isle of Man is classed as an Investment vehicle, and is workings are not transparent to share holders. Reabold has no control whatever over this entity as Simon64 would have you believe. Below is an better descriptor from Reanold Resources latest Annual results.
"Reabold does not have any directors on the Board of Daybreak, nor can it appoint any directors and it does not actively
participate in the financial and operating policy decisions of Daybreak. All significant decisions are taken by the executive
management team of Daybreak, which does not include any director, employee or contractor of Reabold. Reabold does not
exchange technical information with Daybreak nor is there any interchange of managerial personnel. Reabold is a passive
investor and does not have the ability to exercise significant influence over the operating and financial policies of Daybreak.
Reabold’s management considers, therefore, that the Group does not have significant influence over Daybreak, as defined by
IFRS. As a consequence of this judgement, Reabold accounts for its interest in Daybreak as a financial asset measured at fair
value within ‘Other investments’. See Note 15 for further information"
CAVEAT EMPTOR