False9 – whether you care to admit it or not – APG has a problem...

False9 – whether you care to admit it or not – APG has a problem with the way it reports its cash position in the quarterly reports.
Four times a year, the company secretary must report how much cash APG has in the bank. Then twice a year, a few months later the audited reports will come out, showing these previous reports were incorrect.
To have the situation where APG is continually in error with regards to reporting the quarterly cash position (by up to 400%) is both ludicrous and dangerous for shareholders.

Some people may think that this dodgy reporting does not really matter. Some may privately think it is a good thing – as a higher (incorrect) cash position can help support the share price.
Others just want some true and transparent reporting.
Another quarterly is due out soon – and some investors will be looking carefully at the quarterly cash statement when making their investment decisions.

It is a function of the company secretary to truthfully and correctly prepare and sign off on the quarterly report – but company secretary Nick Gaston seems to be continually in error .
It is the job of the directors on the audit committee to make sure that company reports to shareholders are true and correct – but Director Cuthbertson and Director Iles are not doing their job and overseeing this reporting.
It should be a concern of all the directors to make sure that no person has legal grounds to feel they have been deceived or mislead by anything in an APG report.

This question about the mandatory cash reporting should have been resolved by the company long ago.
I have tried to get an explanation from the company secretary - waste of time there..
I have written to the directors – no response at all.

If APG is correctly reporting its quarterly cash position – then the board should give a full, proper response and this matter will be closed.
If APG is not correctly reporting its quarterly cash position – then the board is being negligent in exposing shareholders to unnecessary risk from the regulator or from possible litigation.


So in answer to your question False9 – I will not be attending the AGM (what a stupid time).
I would be more than happy to write a short question on this matter, for the chairman to answer at the AGM.

Wilcox

PS. It is quite common for board members to take written questions at AGMs