A week may well be a long time politics, it certainly is in the share market. The strike price for the DRiP of 0.9875 is starting to look a bit expensive now, with the SP currently at 0.98
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That issue that there may be many more care suites for sale than are officially on the books as vacant.is a worry .... and we'll never know what that was true but it raises questions about the transparency (and integrity) around the numbers they report.
Now there's a disgruntled Ryman share holder who questions how they are allowed to call nearly completed units (but still many months off being completed) as completed and even book profits now on future sales.
And some have commented that Oceania accounts are very obtuse - even to the point that it seems intentional to confuse punters so they don't really know whats going on.
Seems a bit of dodgy stuff going on in the sector and makes you wonder about the 'credibility' of what's in the Reports
Result ... wary punters and share prices not really reflecting a 'reasonably true' value
All red flag stuff to me
Ryman say meets all accounting standards and auditors happy blah blah
This is interesting from that shareholder -
The fact that 411 of the reported 419 units and beds were not actually complete at 31 March 2022, is a material issue; I feel that there should be more transparent disclosure to shareholders.
Does OCA even report their new stock numbers though?
Even if they put these in a report I strongly suspect they're not the subject of any audit, like Ryman's completion numbers.
Auditors check the financials, these are non-financial metrics.a
No one is sending an audit grad to check the roof is on and the structure is sufficiently watertight to be deemed 'complete'.
As they are given a value in the books and in some cases assumed to be sold and profits booked there would be some checks done by the auditors to give some reassurance to the accuracy of what management / directors have signed off as completed.
Not saying they would check every unit but do some reality checks.
You seem very sure about this.
Have you got a link for the 411/419 winner? I can't find any reference to that in their report or presentation.