I must say it is hard to read becasue of following statement
The cash position at 31 March 2011was US$11,430,000 and in addition to this, the company was owed in excess of US$11,000,000 from sales in March and earlier months. The majority of the company�s debtors at 31 March 2011 were collected in April 2011.
If these are indeed debtors then I was under impression they would appear in quaterly cash flow statement. Alough reading the cashflow statement maybe I'm wrong and I guess it does make sense. see line 1.1 below
1.1 Receipts from product sales and related debtors - 14.226
This line must exclude the 11million refered to above ( why as they have not yet recieved the cash ( ie no receipt can be issued).
That being the case then the company effectively was cash of 22 million. But they neglect to add what other costs they have yet to pay that relate to that cash ( ie cash out)
If nil then indeed their true cash position would be 22 million if they have outstanding invoices to pay then these to should be taken into account.
I will seek some clarification from the company on the matter.
ALB Price at posting:
13.5¢ Sentiment: LT Buy Disclosure: Held
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