Can anybody clear this up for me (I'm speaking to you Rocket by the way). I have been trying to marry the announcement of 3 September 2013 - "Arbitration Award on Pending Issues" (referred to Ann A below)and this announcement - "Contract Mining and Mine Development" pg 4 Outstanding Receivables (referred to as Ann B below) . Ann A has the following (followed below with what I believe it is referring to in Ann B):
Ann A 1. Fixation of Production Targets and Imposition of Liquidated Damages imposed by HCL for the years 2008-09 and 2009-10. Ann B 3. Liquidated Damages, approx amount due $1.04M (No issue here)
Ann A 2. Responsibility to appoint etc (not won). Ann B 5.Appointment of etc (No issues here)
Ann A 3. Non-compliance of tax deducted at source (TDS) provisions by HCL Ann B 4. Illegal and arbitrary deduction made by HCL, approx amount due $0.27M (No issue here)
Ann A 4. Escalation in the cost of Material inputs Ann B 6. Material Escalation, approx amount $4.5-$4.6M. This is the one I am a bit confused on. The amounts here for the ones awarded amount to about $5.8M, however actual amount awarded is only $1.154M according to Ann A. Am I looking at the wrong one on that last point, anyone?
Don't get me wrong, the award is still an outstanding result for a company of this size, however the numbers seem a little low.
IRL Price at posting:
0.8¢ Sentiment: LT Buy Disclosure: Held