PNC

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61.0¢ pioneer credit limited

Counsel's opinion, page-19

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Madtrader

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20/03/19

23:33

Post #: 37831511
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Originally posted by PortfolioPlus: ↑

for pete’s Sake I don’t know what’s so friggin hard about this:
Keith John has had his technical view challenged by the auditors inability to make an opinion.
The market tanks...when you sow uncertainty, the outcome won’t be pretty. And so it was.
smart man Keith...and despite what you boffins think, he isn’t interested in you.
its all about properly presenting his argument so that the average Joe doesn’t think he is a snake oil salesman (which he isn’t)
so he does what any savvy businessman does...he puts his case before a QC...who agrees with him.
and for whoever said that a silk will issue a view that suits the writer of the cheque...maybe some element of truth...but many years ago, I put a case to an up and coming barrister I knew at Qld Uni...his decision was counter to the interests of my property developer client. The barristers name? DAVID RUSSELL.

so business smarts to Keith John.

next point: lnterpretation of accounting standards and the legal system! Talk to E&Y the auditors of Quintis. The issues aren’t dis-similar. Quintis booked profits by pumping up the value of their growing sandalwood trees. Great profits but no cash! Easily picked up by studying the Operational Cash flow...something I have banged on about heaps.
E&Y made or didn’t make an interpretation of an accounting statement. SUED!
what? SUED...gulp, you mean the legal system got involved!
of course...that’s what our democratic system is based upon. The legal system including the courts ultimately decipher the written and unwritten laws and make a Determination

Lets bury this bloody argument. The facts are it’s an interpretation...the reality is that the emerging cash will prove which is correct and for the record the post by Piopou showing the comparisons between CCP, CLH and PNC is the best way of illustrating the differences. Keith John believes his recoverability is far superior...his presentations every year say so. It’s a case of whether you do as an investor. I do.
now please let this poor old bugger go and enjoy a red wine because it’s happy hour

Expand

- not interested particularly in egotistical chest thumping
- qc isn't a technical accountant
- quintas was about valuation not methodology, move on...
- cash flow is key - result lacked. maybe they make it up, maybe they don't. ultimately this is the fundamental thing

DYOR opinions

Last edited by Madtrader: 20/03/19

PNC Price at posting: $2.52 Sentiment: None Disclosure: Not Held
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Last 61.0¢		Change -0.020(3.17%)		Mkt cap ! $73.69M

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