Ann: POSCO Transaction Complete, page-134

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Zeeshan

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25/02/19

17:04

Post #: 37560314
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Originally posted by ljcamp: ↑

"But yes, if we paid it from our own bank account first last quarter, we should be paid the entire US$280M now. "

Conference Jan 2019

In the Corporate sense, from a cash flow point of view it’s worth noting the following key cash outflows during the quarter. Firstly, in relation to the POSCO transaction, approximately US$9 million was spent on withholding tax in Argentina. This was a requirement of the tax laws in Argentina and effectively it is a down payment on the tax liability that we will have to pay.We also incurred approximately 2 million in transaction costs relating to fees in country. In addition, approximately 10 million was spent on CapEx on the yield optimization project of Mt Cattlin during the quarter. So, combined it is about $21 million of almost once off costs incurred during the quarter that have impacted our cash position. Having said that, the balance sheet is in a very strong position closing cash and liquid assets of 41.1 million, no debt, and the POSCO sale proceeds receivable of 257 million in escrow, plus the deferred settlement amount of 15 million, which should all be received shortly.

Wtf is going on here?

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this is in the announcement today

"Galaxy will now receive US$271.6 million(after US$8.4 million in withholding taxes was paid in November 2018) as follows:"

English is not my first language but i am sure the above statement says the tax was already paid last quarter and it was confirmed by the CEO in the conference call.

So why are we not receiving the full 280 mil?

did some royally farked up the numbers in today's announcement?

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Ann: POSCO Transaction Complete, page-134

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