"I think this has been done very sloppy and I am not impressed....

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whisky49

8,472 Posts.

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25/02/19

19:11

Post #: 37561839
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Originally posted by Thesi ↑

This is how I read it coupled with a bit of knowledge.

U$8.4 million was a prepayment of tax.

Thus leaving U$271.6 million to be released.

U$257.6 million plus interest will arrive to Galaxy's account tomorrow.

U$14.6 million will be provided to Galaxy by POSCO direct by the start of next month. (Unsure why this is separate, but who cares)

In my view contract completion wasn't until the final document was signed that allowed the funds to be released. It's a bit complicated and messy, but it seems they appear to be stating that the transfers and cash will fall in Q4 2018.

The trading halt for stuff that was continually put to us as complete is a little confusing whilst also at the same time I wonder when this was signed off.

The sudden jump in share price prior indicates to me that someone was aware that the matter had completed and whilst it wasn't (I hope) inside trading related to the company, I believe this has been managed quite sloppy.

It's always been my view that the moment Galaxy made the arrangement with POSCO that the company should have gone into a trading halt until the transaction was complete.

Anyone looking back at that date SP and today's will wish the same also.

I am cool with long trading halts and it would have been no different to the 'surprise!' galaxy is trading... Whilst Jiangsu was being sold.

I might wondering if the same thought pattern and method should have been applied here also, as it was a far more significant transaction than that of the Jiangsu sale.

So what happened here?

I think this has been done very sloppy and I am not impressed.

Going forward, anyone's guess. I have my hopes dreams and wants, but now this is done I hope the company make good and don't let the holders down on many fronts.

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"I think this has been done very sloppy and I am not impressed.

Going forward, anyone's guess. I have my hopes dreams and wants, but now this is done I hope the company make good and don't let the holders down on many fronts."

Really...we have just received a huge game changing bundle of cash and you guys still find something to bitch about...you don't run the Company and are not in possession of all the facts , get over it...

Cheers Whisky

GXY Price at posting: $2.20 Sentiment: Buy Disclosure: Held
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"I think this has been done very sloppy and I am not impressed....

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