Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Completely shocked that a company making �50m profit a year can run out of cash & go out of business. I believe there has been fraud in the last month, but it is also gross incompetence. If the board had been honest with the markets months ago, we would not be in this mess now.
CEO and CFO are back !!
I'm guessing that they prepare monthly cash flow forecasts. The VAT is due on 7th April, but they included the payment in April's cash flow instead of March, when they needed to have the funds available. Its a basic error. I believe the company has expanded too quickly & their systems cannot cope currently. That's not to say that they cannot sort it all out in a few months with the help of the auditors.
The profits should be fairly similar to last year, so I would expect them to have excess cash to give to shareholders. Personally, I think they should do away with the special dividend, & raise the ordinary dividends. I don't believe the share price falls would have been so dramatic if this was in place now.
The current share price is absurd. If the 15p special dividend is paid next year, the yield is currently around 11.5%. If the special dividend is halved, the yield is still around 8%. The share price has to go back to more sensible levels as the year goes on.
Thanks, I will write back to say that I have been & customer for many years & morally they owe me some compensation. From what I have read from other board members, it is going to take several months to move away from Barclays.
Barclays contacted me today to say that I was not entitled to any compensation with regard to the late arrival of the ATM shares as I received them within 10 working days, which is in the contract with Barclays. Any views on whether I should take this matter further ?
FB - any news from Barclays ? I sent them a message on Monday but still no reply. I have not decided what to do with the shares, but if I sell, I should be entitled to compensation from Barclays due to the fall in share price.