Agria and PGWs write offs
Quote:
Originally Posted by
Snoopy
Unless I am completely wrong about US accounting standards, and I may be, the muddy waters for PGWs controlling shareholder Agria will clear on September 11th our time. For on September 10th NYSE time Agria release their full year results. The huge right down that PGW has taken on their goodwill should now flow through to Agria, which is precisely what I thought Alan Lai was trying to avoid. Let's see what trade offs 'twinkle toes' Lai has made to get out of this!
SNOOPY
>>goodwill should now flow through to Agria, which is precisely what I thought Alan Lai was trying to avoid.<<
Maybe i have understood your statement wrong. IMO Alain Lai has forced PGW to make write downs on goodwill, because these goodwill is very old, years before Agria has taken over the leadership of PGW. These writedowns were predictable since march 2013 when AGRIA has anounced his own write Offs (60 Million US$ Land use rights). I think it is a good idea to clean the books.
Please have a look at You Tube and open your ears at 4:30:
http://www.youtube.com/watch?v=irmrmWBYs8Y