$ payout remains steady
SOI for aquisition doubled
EPS falls as a % less than the % of Shares issued for acquisition
Cash costs up, lower production during final stage of build mainly at Gwalia well falgged
total costs up as development and accelerated increased Depreciation and amort
I look at it in basic terms, market will may look differently,
if I increase shares on issue 50 % in my company but EPS only falls 30%, it hasn't been a bad move. if EPS fell 50% then id say its wasn't worth it, but they didn't
considering EPS fell during development issues which resulted in lower production which was flagged but didn't fall anywhere near the % of new shares issued, personally shows me some underlying potential and some improvements flowing.....
Material depreciation deductions in Canada due to tax changes lowers headline...thought there may have been some more to lower it more and save on tax from OZ operations but I guess that the development is being done under contract. headline also reduced with hedging costs changes following acquisition etc
Some big increases now in resource and reserves. final acquisition done from cash
SBM Price at posting:
$3.33 Sentiment: Buy Disclosure: Held
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