Ann: Annual Report to shareholders, page-13

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georgia14

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06/10/22

12:58

Post #: 64061579
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Originally posted by sus: ↑

I also see something weird.... is this some dodddgyyy stuff..... from BBIG again...

Page 21.....

Correction of error
During the preparation of the financial statements for the year ended 30 June 2022, the Company identified that a
deferred tax asset should have been derecognised in the previous year. The Company’s tax consolidated group
had recognised deferred tax assets, arising from its tax losses, recognised to the extent of a deferred tax liability
remained in the tax consolidated group.
During the year ended 30 June 2021, PIOP Mine Co NL issued Class B shares to its Farm-In partner, BBI Group
Pty Ltd (BBIG). Upon the issue of the Class B shares, PIOP Mine Co NL exited the Company’s tax consolidated
group and the deferred tax asset shielding the deferred tax liability could no longer be recognised as it is no longer
considered sufficiently probable that forecast taxable profits will be available against which these deductible
temporary differences can be utilised, resulting in a deferred income tax expense of $18.683 million in the year
ended 30 June 2021.
Subsequent to 30 June 2022, BBIG withdrew from the Farm-In Agreement, and as such the Class B share will be
transferred back to the Company and PIOP Mine Co NL, will once again be part of the Company’s tax consolidated
group. Therefore, it is expected that in the year ended 30 June 2023, the deferred tax asset will be reinstated
resulting in a corresponding deferred tax benefit.
As a consequence, in the year ended 30 June 2021, net assets were erroneously overstated. The error has been
corrected by restating each of the affected financial statement line items for p

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Some one should run this past their Accountant so that we know what it means to minority shareholders (fully). It is a very long winded statement but I am not sure how it adversely impacts and/or who benefits from this error?

My thoughts only.

FMS Price at posting: 62.0¢ Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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