The $19.5 million tax bill has not been included either.
You guys are quite right regarding cash outflows - my mistake. I equated $97.6 million cash and investement headline figure with the $163 million cash and asset headline figure from the previous report.
Taking into account plant sale and tax bill leaves us around the $85 million mark in cash (or 17.5c per share). Why no mention of net assets this time (32c per share mentioned in last report)?
I did over react on my initial scan of the report. Nevertheless, I am still left feeling underwhelmed. Conservative management of capital may be prudent in the current environment, yet somehow I'm wary when this does not equate to prudency in renumeration for management and board. With an ever protracting horizon provided as a start date for K, I think investors could be forgiven for parking their money elsewhere in the meantime.
HGO Price at posting:
26.0¢ Sentiment: None Disclosure: Not Held
