Ann: FY18 guidance on a non-recurring gain and impairment, page-7

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adam.s

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15/08/18

11:19

Post #: 34948044
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Originally posted by Elliot5 ↑

Hum .... Impairment / writedown of asset values of $113m for FY 18 for various reasons BUT it does also highlight (as ID mentioned in the Quarterly Q&A) that Senex had ... in the past .... been more aggressive in its valuation than Beach on future value of its CB assets. Its not fiddling the books but highlights how ID has pushed the boundaries in the past .... ethical ??? more of a trust breakdown with insto's and why Beach outperformed. NOW that Senex has WSGP .... on the books ... its show and tell time to remove / writedowns all the rubbish .... they have been carrying on their books which they finally acknowledge as ZERO value.
Overall its a positive now..... but historically its a breach of trust in my opinion that ID has pulled the wool over us in the past. Are the performance bonuses and options issues to ID to past 2 years warranted , or should they be stripped and only re-issued on a going forward basis, now that Senex have come clean !!!
My post will stir up the lovers of ID , but nobody likes to be tricked to hold onto their shares based on spruiked information (which i did).... and IMO historically this happened. This issue must be raised at the AGM. I'd love to hear ID's logic why he did this and why NOW is the time to come clean!!!

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It's just for tax minimisation, the same reason every other resource company does the same thing.

It's entirely within the tax rules and I'd be annoyed if they weren't taking every possible step to maximise returns to the company.

Focus on the good annoucements made today - Senex is ticking boxes and the next 6/12 months is going to see your portfolio fatten significantly.

SXY Price at posting: 48.3¢ Sentiment: Buy Disclosure: Held
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Ann: FY18 guidance on a non-recurring gain and impairment, page-7

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