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Whilst it good to see yet another rns from ECR, let's keep our feet on the ground
"Australian rules on transferring tax losses changed in 2015, the main change being that the "similar" business test replaced the "same" business test. As over 80 per cent. of MGA's losses predate 2015, any buyer will need to comply with the tighter historic rules"
They are going to have to find a company that passes the "same" business test.
" this is still a very early stage and specialised process. There can be no guarantee that any offer will be received by ECR. "
Very early stages of a specialist process, looking for a same business as ecr that has a few million spare and wants to take a gamble on buying tax losses.
In my opinion, it's just another example of the drip drip drip of jam tomorrow that the ECR board wants everyone to get sucked into, in a vain attempt to whip up interest.
As has been said, all that has happened is ECR have appointed a company, that I imagine don't come cheap, to start a complex process.
The facts remain, ECR still has no revenue stream and continues to send buckets of rock to the lab for testing and retesting.
Until ECR get an independent measured and inferred figure any rise isn't going to hold in my opinion.
Morning Sausage, Probably where the £6k advisor fee was spent that you were fretting on last week.
Good news that we have taken the services of a well respected advisor with many high value connections and not some corner shop broker.
No-one is suggesting that we are going to do a deal today, but if a deal is done is will be a massive change in ECRs finances.
Of course they put the 'no guarantee' disclaimer in as they do in all RNSs.
I not sure where investors will be 'sucked in'.......they have a reputable advisor who has a plan of action to utilise the a$75m tax loss credits which the company has....no duplicity at all here.
If a deal is done it will be announced without warning and no-one knows a prospective timeline on a deal, if the broker has already lined up prospective buyers or if the process is starting now.
‘ if the broker has already lined up prospective buyers or if the process is starting now.’
This. Could literally be the difference between waiting months or years. philippians Has put me off getting too excited at this stage. Interesting but jam tomorrow until executed. Why has this not happened until now? Legacy BOD need a head wobble.
Morning TalkingSense
On the basis ECR state in the official RNS that "this is still a very early stage" I'm going to ignore where you stated "no-one knows......., if the broker has already lined up prospective buyers" Just a hunch but "very early stage" probably means they don't have a buyer lined up. Of course that is just my opinion and it's perfectly OK if you feel "very early stage" is in some way code for they have a prospective buyer lined up.
You say probably where the £6k went, because ECR continue to resist naming where the £6k of shares went. What is the name of the person/ company? Why won't they name them? If the shares went to the tax advisor just say the shares when to tax advisor.
Just a guess, but my view is the tax advisor will want more than £6k in shares, so I'm not buying your view the shares may have gone to tax advisor.
To avoid continued speculation, wouldn't it be best for ECR to simply name where the shares went?
............who cares, it's happening now and it's going to be big😏.........."Why has this not happened until now? "
"Happening now"
They've hired a tax advisor and are at an early stage, what exactly is happening now?
The process .. have to start somewhere.
Sausage,
If they have lined up prospective buyers they could be at an early stage of discussion (I did not say a deal was imminent/ going to happen tomorrow).
The non-core assets will need to be moved out of MGA and a deal will likely take months to negotiate once a buyer is found, but when it drops it will be game changing.
Mentalmax.....Absolutely right....why couldn't the previous BODs appoint a broker to monetise this...they all 'had a look' (the mind boggles).
At least the new BOD are getting the ducks in a line.
Tame invester
"Australian rules on transferring tax losses changed in 2015, the main change being that the "similar" business test replaced the "same" business test. As over 80 per cent. of MGA's losses predate 2015, any buyer will need to comply with the tighter historic rules."
Tighter historic rules.
Read the RNS tame investor.
Any buyer will have to buy the company including assets if they want the tax losses. Of course, in my opinion, ECR isn't going to transfer its best assets into the company it's going to have to sell if it wants to sell the tax losses. So they need to find a company that passes the "same" company test, that went to buy some land to also get the tax losses.
So any mining company would be able to utilise the credit....There aren't many of them in Australia are there? ......lol
Grasping at straws for the negative there Sausage.
So you are fully conversant with the "same" company tests under Australian tax law??? Lol.
Grasping at straws for a positive spin on signing up a tax adviser at the early stages.
..........rxdiv.....it's "folks"......I thought you were a stickler for grammar?
TBH this has been talked about since the MCR.l days....I would have thought these tax credits would have expired as like UK HMRC rules? But don't let's get too far ahead of ourselves......Keeping it real I repeat my post of today a.m.
"Clutching at straws for maybe £4m less adviser's expenses = £2m net......but every little helps. It would be nice to get sooome return to help mitigate my previous MCR/ECR losses!
GLA"
……😂😂😂…. .”I would have thought these tax credits would have expired as like UK HMRC rules?”