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Interim results to be published no later than 30 October.
Well at least this gives them another month to get the handover completed and work on that positive spin. May even allow for a little averaging down at this rate!
A bolstering RNS, more than likely posted to shut the whiners up! lol
i always get worried when i see companies taking extra time to get ready information, stats and results that should have been in preparation well within time, it's not like it's not a known event or time line, there is very little excuse for not getting it done, and that should not be affected by people working form home, i've seen it follow a far too familiar path all too often, latest for me was Tex Holdings that basically suspended because results weren't ready, then delisted as they were up sh.1t creek finances wise, and had not disclosed how bad it was, so went private and basically just fleeced all private investors.
It's just a formality and has nothing to do with anything else - because we had extended Annual results by 3 months we were always going to extend reporting of interims - which under temporary AIM rules can be by one month - but it has to be RNS'd before the end of the "usual" periods.
Crystal - it's different this year because of Covid. There are a number of Inside AIM updates issued by the London Stock Exchange that allow temporary extensions to reporting of annual and interims - google it if you're interested in the heavy wording.....
I would agree that in normal circumstances any company delaying financials will cause concern and suspicion.
In this case, I think they are more likely to be using the time to effect the handover (assuming D'man was correct) so that they have something positive to say around the numbers. Numbers alone, I think we all know it's not going to be about profit at this stage.
Personally, am happy to wait another month if needed...
It will give ILTL a further month to increase production and as a by product using my guestimate on profit per ton an indication of how much EDL will be getting paid...
JMT
JZD - agreed. It's an opportunity that should be leveraged.
clearly someone couldn't wait... :))
Top up opportunity, here we come.
JohnZ
I think you are right about the further month being use to utilise production. Hopefully by then we will have fully inclusive and up to speed numbers. The new contractor agreement is bespoke, so I don’t think it’s possible to guess much at all, and considering that we’ve never ever known the actual price of Edenville’s coal.
Teaye - the agreed delay from the FCA for reporting deadlines is more to do with the auditing process of the figures. It is almost impossible to fully audit and sign off annual results at arms length (over Skype or Teams etc) and there has been an acceptance from the FCA that until we were out of national lockdown, it's almost impossible to sign off the process to be compliant.
And of course if you delay annual results by 3 months, they then clash with the reporting time for the Interims, so they have duly accepted that these can be delayed too, although there is far less compliance required for interims. If you are bored there is a great FCA document you can read - DTR4 which is all about periodic financial reporting. It's very dull!
Not that I would know anything about these things because it's clearly not part of my day job......
GW - as much as I've done my utmost today to avoid doing any real work (!), I may just draw the line at FCA compliance documentation - as tempting as it sounds! On that note, I'd better turn my attention to my work laptop...
T
Teaye - agree - I've been on refresher training webinars yesterday and today but if I spend too much time listening in to them it will tip my balance! GW
Aerial - true we do not know the price it was per ton, but with the statement on the 26th August RNS
"MarTek's purchase price for Rukwa coal, is the highest EITL has achieved to date and should provide the Company with a healthy margin on tonnes sold."
It had been mentioned the profit was in the region of US$10 - US$25, this was a year or so ago.
JohnZ
I wouldn’t like to hazard a guess, but I do think there is more on their minds than just mining someone else’s coal..