I bet management wish they had stayed with Bentley Audit....scratching my head here on the size of some of these adjustments.
Some interesting points so far: - Varde has pulled the unsecured junior facility of A$40.0m - Personally i thought this might be worthy of an announcement especially given managements comment at the time "A$40 million unsecured facility which remains subject to modest performance hurdles & MMG consent prior to being available for draw down" only modest performance hurdles yet it has been pulled...says it all really.
- Unwinding of some nice juggling in the provisions via the use of a discount rate for mine restoration...Looks like Deloitte decided (rightly) to increase the provision to its real amount by "only" A$-74.26m to "only" A$-200.0m. Dont panic punters, there has been a corresponding amount recognised in property, plant and equipment...
So much more to get through...
NCZ Price at posting:
26.5¢ Sentiment: Sell Disclosure: Held