You mean like responding to your assertions that they have not spent anything on the Hardey Tenements .....simply because you don't know how to read a set of Financial Accounts contained within the Annual Report to Shareholders. In actual fact a commitment is defined by financial terms and requires the disclosures governed by Accounting Standards. The whole purpose of defining the categories of ' No later than one Year ' means they would be expecting to spend this amount within a 12 month period from the date of the report and accounts being 30th June 2018. That would mean then they don't have to spend or are even required to spend this amount until on or around 30th June 2019. Still 6 months to go there Buddy - but who's counting - certainly not you.
My guess is they have spent at least some as per the September Quarterly Cash Flow statement which disclosed $451,000 having been spent on ' Exploration and Evaluation '
In regards your comment in relation to the Malang Project, Indonesia. Once again , I believe you will find that because the Company under its old name ( EYM ) and pre- acquisition of Hardey Resources and associated tenements package released its last Annual Report on 29th September 2017 - that in fact it then becomes a requirement of Corporations Law and Listing requirements to include this information for shareholders in the HDY's first Annual Report to its shareholders which in the end represents the split year of 2017 / 2018. At the end of the day you are not obviously an Auditor or Accountant so I wouldn't expect you to have this detailed understanding. However , I would expect you to properly research these requirements before posting such rubbish into an Investor forum with the view to casting disparaging and misleading content.
Then there is your claim regarding the performance shares. So we all know that these converting shares were part of the initial consideration payment for the Hardey Tenements. So I'm not sure what you were alleging by your comments that there was no secondary substantial notice as you can clearly see in the the half yearly accounts that there was only ever one amount of performance shares of 111,111,111 which were then converted and allotted in March. At the time of conversion , the Companies disclosure obligations were in fact completely discharged upon lodgement of the Appendix 3Y with no other substantial notice being required under the Corporations Act and laws at that time.
Since Mr Bowles then resigned from his position effective 26th March 2018 , the onus would then have been on him to have lodged any further shareholding notices if indeed required. Since he did not, It should then be interpreted that he in fact sold his holdings into the market for whatever personal reason's he may have had at that time.
Also in regards this matter , It is also worth mentioning this further note as contained in the 2018 Annual Report :-
(i) On 6 March 2018, Mr Bowles’ Performance Shares were converted to 1,111,111 fully paid ordinary shares. Mr Bowles’ shareholdings on the date of his resignation was 1,111,111 shares.
So this is either a typo or Mr Bolwes indeed disposed of at least 100,000,000 million shares prior to his resignation , and thus not requiring a substantial notice to have been lodged. This point would have been more of a concern , however and in this event you have not picked it up in all of your apparent scrutineering of the HDY financials. This again comes down to experience of which you clearly don't have.
Moving on to your comments regarding various expenses. Usually when making statements along these lines , the more balanced and impartial approach would have been to provide the other half or missing information if you like which you have obviously and purposefully chosen to leave out. That information being the ' Comparative ' figures provided alongside and from the prior year of 2017. For the purposes of complete information , I have done just that in providing these comparisons which are mainly in response to your ridiculous remark concerning Employee Benefits :-
In so far as the amounts disclosed in the Full Year Annual Report to Shareholders, the amount of $298,896 represents the remunerations of the Executives / Non-Executive directors to which Ellingford and Bowles are now gone. This amount also compares rather favorably to the $671,695 from the June 2017 report and following the cost reviews / savings identified which obviously were recommended by the new accountants in review of the business operations during the 2nd Quarter of 2017. So in actual fact there are now less ' mouths ' in the trough to feed at present and as it has been repeatedly and inaccurately stated.
Here is some more qualifying information regarding these benefits also found in the 2018 Annual Accounts and the accompanying Notes therein:-
Employee Benefits
Short-term employee benefits:-
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled within 12 months of the reporting date are recognised in current liabilities in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.
Other long-term employee benefits:-
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are recognised in non-current liabilities, provided there is an unconditional right to defer settlement of the liability. The liability is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to the expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.
(b) Employee benefit expenses 2018 2017
$ $
Director fees and bonuses 277,119 653,032
Wages and Salaries 137,393 120,000
Annual leave expense 5,039 -
Superannuation 29,920 14,123
Totals:- 449,471 787,155
You mentioned you were of the Buddhist faith. This being the case , you would then be well familiar with the five Moral precepts - the first being not to bring harm , pain or suffering to others. Two of the others five being the taking of what is not given and refraining from lying or gossip. By your providing of incomplete and misleading ' half truths ' of information into a Public Investor Forum where posters congregate in looking after their investments including having to deal with the fear of loss is IMO teetering on the edge of being in breach of at least 3 of these Moral codes of your faith. The old cause and effect if you like.
Heads up though - all you have to do is bring more balance and factual and complete information to the table and I believe you would be good to go in your ongoing efforts in the helping of others in their life struggles......
HDY Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
