RE: Seeking Alpha7 Jul 2024 13:33
Yeah, the loss was written into last years numbers. If they have another quarter like last one - or close - then next results are going to look ace. No court write down, and they also invested 100m into the business last time.
Any dips from now could well be bought strongly
“Even after investing over US$100 million dollars during the year, it is also pleasing that we are able to report a year end net cash position of US$108 million, slightly ahead of the previous year. In our accounts this year, we have recorded a provision of US$131 million, which has been recognised to cover any possible negative outcome that arises from two legal cases that we are challenging. The effect of this provision is that instead of reporting a profit of US$46 million we are instead reporting a loss of US$85 million. With advice from our Ukrainian legal counsel, we believe that the various claims are without merit and that we have strong legal arguments to vigorously defend ourselves in court.”