Originally posted by JamesExpat2
Latest announcement following settlement of the dispute with Resource Mining P/L
advises that cash @ bank plus "investments"(presumably IRC's 7.2m shares in RWD)
is stated to be $7.8m.
IMO this announcement is purposely vague. I would have expected the figure should have
been something ~ $9m-$10m depending on how much $$$ was being withheld in the
JV bank a/c with Resource Mining P/L pending resolution of the dispute.
eg
Cash @ bank @ 30 Sept.'18 $7,433,000
Add Lehmann's monies 2,500,000
..................
$9,933,000
Deduct Dec. Qtr est. o/goings (1,359,000)
.....................
sub total $8,574,000
Add RWD Invest.7.2m shares
at cmv 10c 720,000 *****
.....................
sub total $9,294,000
Add release of IRC's share of
JV monies-Resource Mining P/L ????
......................
Now stated to be only $7,800,000 ??????
*****RWD Invest. dropped
considerably -prev.16c per share
=$1m before taking up RWD
rights issue-~ $200k.
Comment-I'm perplexed !!!!
The Teal $$ were already included in the cash. Reward has tanked which doesn't help but it is a bit lower than expected. Maybe out goings were a bit higher this quarter than expected as lab are busy and perhaps charging more. But I think they may have also given in a bit regarding the settlement and expect they will never deal with Resource Mining again. Chalk that name down if other companies you hold use them for mining.
