All it means is that they get to invoice the $16M now that practical completion has been acheived... so to me the the $16.9M is SAFE-it will get paid. All the adjudication was for was to get it paid in feb rather than june.
but what about all the unvoiced work in progress?
The only impact to their June numbers will be $16.9M going from receivables to work in progress... so nothing really. (Unless the $16.9M was included in their cash number- but i cant see how this is possible).
Two ways to look at it: given the project was finished some time ago, i think the auditors may bring in a provision to cover the large work in progress/unbilled balance OR No impact, now that practical completion has been achieved Wartzilla and Primero can get on and finalise the final account/variations.
all very confusing, i think we need a very simple announcement laying it all out step by step.
PGX Price at posting:
25.5¢ Sentiment: Hold Disclosure: Not Held
