... or ripping up floorboards as raw material for another yet-to-be-purchased sawmill?
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By my reckoning the IRD 15 days was up yesterday - but no announcement to Market. Perhaps today we hear if they have cobbled another plan.
Percentages don't mean a lot when a stock is this low to the ground but it does make a good headline!
Refer https://www.nzx.com/companies/ALF/announcements/235447
On 23 April, 4 weeks ago, ALF sold their Real Estate business (AFRL) for $472,500 to (bitterly I am sure) pay Watson & Hotchin. This entity had a holding value of $0.00 on ALF's books at the time and was the same entity with the $3.7million taxation statutory demand from the IRD. Refer https://www.nzx.com/companies/ALF/announcements/233395
So ALF with a market cap of currently under $2million (less than $1.5million at the time I recall) managed to eliminate a media-reported and perceived $4.2million debt by selling an asset with a book value of zero.
Doesn't that say something about how conservative ALF has now valued its business? As far as I can tell there is nothing left of ALF now other than their Livestock business which, through the wording ALF uses in their announcements since Hanover, they value VERY much.
Thoughts anyone?
First the Liquidation Notice for a subsidiary,
Now the Trading Halt.
Best Wishes
Paper Tiger
You sure make a great fat Lady and you are now centre stage with the lights fully on you
There are at least 3 recent announcements where AFL management express 'surprise' at various actions being taken against them......
they are the only ones surprised I would think......
Why on earth would you. This crowd must be one of the thickest lot of rose tinted spectacle wearers on the planet. Look back on this thread and you'll see the highlighting of a litany of misjudgment which was only surpassed by the company's ability to miscalculate.
And even now they are dense. ALF announced the IRD problem when that debt stood at $3.7m. Then silence, nothing but silence even though the due date arrived and passed without a word. Where were these sad sack shareholders. If they had half a brain they would have been demanding an update. But now they are faced with a $4.2m bill. I guess when you have a company held mainly by ex Hanover "investors" you can't expect too much more.
I'll postulate that there is a Darwinian influence going on here. By keeping their money in ALF they are effectively killing themselves off thus keeping themselves out of the investment market, leaving that market to grow stronger and better. They certainly don't have the ability to cash up and invest in new opportunities.