Thanks Chris I missed that , but my models always assumes you pay the tax rate as its underlying EPs or sustainable EPs and growth that drives my price expectations. I do then make adjustments for windfalls. However its now recorded as an asset so any utilisation actually is by release from the asset so in fact the income statement will reflect the 30%. It must have been legacy that the auditors would not accept creation of the asset previously as there was some uncertainty. So my model and by implication reflects the correct tax charges. It's just cash flow that I have to change.
Could not understand trade this morning at all. Someone certainly had a parcel to sell. Missed an opportunity in my opinion.
PGC Price at posting:
51.5¢ Sentiment: None Disclosure: Held
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