Exactly Balance ... so why do you bother with your tirades ...instead of Caveat emptor?
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Given the passion of you lot against SEA & SNK and anyone else that doesn't fit with your criteria and superior knowledge etc etc etc .... why are you jockeying on the sharetrader forum to see who's got the biggest one? I think you owe it to the investing community to register your concerns with the FMA. They are there to sort out the likes of SEA and SNK as they appear to administer the securities types of Acts.
I see that the thread went down-hill over the long weekend :D.
This is in the too illiquid basket for me to be owning any but I did choose it for the contest last year so have a soft spot for it :).
Anyway a couple of matters arising for you lot who would rather make sweeping guesses and then complain about the company rather than do a little basic research.
The 250m earn out shares have NOTHING AT ALL to do with the revaluation of the Snakk holding but are related only to the performance of the bought oil refining business (Annual General Meeting Presentation).
There are potentially another (and final) 250m earn out shares to be issued this year if the performance threshold is again met.
The accounting treatment of the Snakk sales / holding re-evaluation is, I believe, the correct way to approach this and not an attempt to hide anything. It is consistent between reports. Looks weird I know.
[Accountants do like things to be too straight-forward otherwise we would realise that any idiot with a spreadsheet could do their job :p].
Best Wishes
Paper Tiger
Read 2013 Annual Report page 16 and 2013 Annual Meeting Presentation slide 38
Yes, seems to be have been very uneven in their ability to get stuff to process. Maybe the future looks better with the recent supply announcements.
The iceman seems pretty clued up on this sort of thing.
OK - for every company there is the consolidated statement of comprehensive income which can be divided into two parts, the profit and loss bit up top and then the other comprehensive income beneath.
SEA is rather unusual (but not after this FY) in that the bottom has dwarfed the top in size and comprises of the movement in the current value of their investment in that other much maligned company SNK.
SEA correctly reported that the value of their SNK holding went up $3M65 at last full year.
SEA correctly reported that the value of their SNK holding went down by $2M69 at this half year.
Both appeared as other comprehensive income.
SEA also reported a profit of $810K on the SNK shares they sold (they bought them for a tenth of the price they sold them for).
Best you get your head round all this sort of stuff, go learn.
Best Wishes
Paper Tiger
in 2013 FY report, SDMO business only, I can't work out >$1mil of NPBTDA, for them to get earn out shares.
I just emailed their acting CFO, hope he will tell me how, I should ask him before.