Anglo-Eastern Plantations Share Price (AEP)

Ah, I think that's a non-issue. They just messed up the timing.

Customarily dour AGM statement.

Here's the first issue raised page 11 of the 2023 Annual Report.

Proposed Companies Act Ratification

The Board has become aware of an issue concerning technical compliance with the Companies Act 2006 (the “Act”).

The Act provides that a public company may, amongst other things, pay a dividend or purchase its own shares out of its distributable profits as shown in either the last accounts circulated to members or, if interim accounts are used for these purposes, interim accounts that have been filed at Companies House, which enable a reasonable judgment to be made of the profits, losses, assets, liabilities, share capital and revenues. Such interim accounts must have been filed at Companies House even if the company in question has sufficient distributable profits at the relevant time.

This issue arose because, whilst the Company had sufficient distributable profits at all relevant times, interim accounts had not been filed at Companies House prior to the declaration of the final dividend in respect of the year ended 31 December 2022 or the interim dividend in respect of the year ended 31 December 2023, together with the series of shares bought back from August 2023 to date following the announcement of the Share Buyback programme,notwithstanding that the shares bought back remained in Treasury and not cancelled. It is intended that this technical issue be ratified by a shareholder resolution, as is customary in these circumstances. Accordingly, the relevant resolution, together with explanations, will be put to shareholders at a general meeting of the Company.

If the shareholder resolution is passed, this will give the Board the necessary authorities to enter into the required waivers which will put all potentially affected recipient shareholders and the Company in the position in which they were always intended to be had the relevant actions been made in accordance with the Act, insofar as practically possible.

Neither the technical issue nor the proposed ratification has any impact on the Company's financial position.

Accounts for which company? ANGLO-EASTERN PLANTATIONS PLC accounts are on there.

Yes, I think the 100K limit applies to AEP.

Stated cash is $153M, but net current assets are $228M + $10M of long-term investments so real cash total is $238M.

Having the cash in Rupiah is a risk. Indonesia has long been a fiscally responsible country, and is a democracy with a broad economic base. Would I prefer having it in $/£? Yes. Do I think there's a risk of a big deval? No, but if China devals then I'd expect asian currencies to fall.

The Naira's valuation was fake. People couldn't actually exchange meaningful amounts at the official prices. The Rupiah's valuation is real in that you can actually exchange at those prices.

The Rupiah has been weakning recently due to general dollar strength and concerns about somewhat higher government borrowing to fund a school lunch program.

Why were the interim 2022 and 2023 account's not filed at companies house? Also the Indonesian law limiting company's not listed in Indonesia or that are not majority owned locally to a national total of 100k hectares does this limit apply to AEP, and finally are there any concerns in regards to the FY23 stated cash position of 152m as for example PZ Cussons FY23 had approx 250m cash balance of which 200m held in Nigeria which it could not repatriate, the recent floating of NGN significantly devalued 200m cash pile, repat still an issue 50m realizable at best.

Can't do much wrong with this at these prices!