Good evening viewers. Spent some time going through the Annual report...
PAGE 29 The Company has estimated income tax losses of $19,507,018 (2008: $12,518,575) available to be offset against future taxable income.
PAGE 30 CASH AND CASH EQUIVALENTS 2009 YR 2008 YR Cash at bank and on hand 5,785,007 1,277,901 Deposits at call 916,507 861,619 TOTAL $6,701,514 $2,139,520
PAGE 31 11. SHORT TERM RECEIVABLE 2009 2008 $ $ Short term loan - 2,300,000
A loan of $2.15m plus interest owing to IGC was settled during the year.
****** This may be the $2,150,000 that Hot Copper members STUD MUFFIN & also JUDGE ROY have been on about for the last couple of years.
HOWEVER... ON PAGE 18 THE ENTRY IS SHOWN in 2008 AS DR ( ) NOT CREDIT ???
(I hope some one can explain??? ) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of right to ore bodies15,000 7,060,000 Payments for purchase of property, plant and equipment - (1,934) Payments for exploration expenditure (52,871) (65,998) Payments for investments (640,344) - Payments for right to farm-in - (5,469,727) Loans to other entities - (2,150,000)
Also, It looks like the bulk of the 6 million received 2009 is from the conversion of options (refer page 33). NOTE*** IGC now have no further income raising options on issue.
PAGE 32 .13 FINANCIAL ASSETS AVAILABLE-FOR-SALE Listed investments, at fair value Interest in other corporations 1,086,695 - Unlisted investments, at cost Interest in other corporations 532,141 - Total available-for-sale financial assets 1,618,836 - Available-for-sale financial assets comprise investments in the ordinary share capital of various entities. There are no fixed returns or fixed maturity date attached to these investments. Unlisted investments are traded in inactive markets. They have been measured at cost because their fair value cannot be reliably measured No assets have been pledged as security.
********* cant tell what all these are from the report, but PAGE 40 SHOWS... Listed available-for-sale assets Global Iron Limited - 1,800 Nkwe Platinum Limited - 98,000 Tianshan Goldfields Limited - 8,870 .......................................
And thats about it for me. Thanks for Your time. PJN
IGC Price at posting:
23.0¢ Sentiment: Hold Disclosure: Held
