Ann: 2019 Half Year Results Presentation, page-126

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30/08/19

19:05

Post #: 40252478
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Originally posted by sydneyguy: ↑

Why is Galaxy the only Australian lithium company to do a truly massive impairment write-down?
Anybody?

No. Colin. That wasn’t it.
No. ASB. That’s wrong too, but perhaps if you play with some pictures of the Titanic you can have more fun.

And No, Mr I-Only-Read-One-Line-in-The-Financial-Report, Galaxy didn’t lose $176.8m USD.
This "loss" is an own goal.
They decided it was the right thing to do - to declare a loss based on valuation of assets.

How very reasonable of them.
They just decided to sit down one day and get their accountants, perhaps with a few notes from Director Bacchus, to establish some valuations that reflect this current climate.
I mean, because its just the right thing to do on a rainy day. Isn’t it?
Nothing strange about it.

Oh. While they were at it they probably said things like “that’s a little high, don’t you reckon Friedrich?
Perhaps down a bit more. Mr Bacchus. How is that looking now?”
until they got it down about as low as you could possibly go with a straight face.

Over a few biscuits and some tea, Mt Cattlin and its stockpile got written down $150m USD.
Ouch. Wow.
Now why the hell would you do that?
Nobody else is doing this?
Shouldn’t they all? PLS. AJM etc.
It’s a complete mystery.

Seriously,

did you write that or did someone hack you account?

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Seriously,
did you write that or did someone hack your account?

GXY Price at posting: $1.16 Sentiment: Hold Disclosure: Held
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