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so a new $5m liability on top of an already very debt heavy...

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Barry81

3,293 Posts.

562

08/06/24

09:44

Post #: 74227358
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Originally posted by Happ: ↑

No disrespect, but please reread the announcement.

It states that it has been accounted for in the FY2025 budget. FY2025 starts on 1 July 2024. Clearly, it is FY2024 cost / expense. All they did was to defer the cashflow impact to FY2025. And budget is not part of actual financial reporting. It is pure gaslighting by the company.

Announcement on 10 February 2023 stated that guaranteed capacity in year 1 was 216kt and subsequent years 508kt.

It is a major f-up! The facts that they first gaslit everyone about production ramp up, and now gaslit everyone about the consequences of not meeting production are abhorrent.

I suspect it's not Mencel and CFO, but the whole board being complicit.

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so a new $5m liability on top of an already very debt heavy business. No official correspondence on price received or aisc. Plus current shipments show maybe runway to 125k tonnes pa which means they now have to ramp production up even if it’s uneconomic or they will be on the hook for another $5m next yr.

……….

CXM Price at posting: 5.4¢ Sentiment: None Disclosure: Not Held
2 Upvote

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