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0.1¢ cyclone metals limited

Ann: Drilling Update at Kipushi and Kitwe Projects, page-50

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theraven

1,009 Posts.

467

19/11/18

22:39

Post #: 36563827
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CXU another TS success story - devalued by about 40% - this is material to CFE as CXU ownership as diluted as it is, is listed as a core asset.

https://hotcopper.com.au/threads/ann-project-acquisition-not-to-proceed.4538341/

Originally posted by theraven: ↑

Or more likely they are preparing to offload CXU and FE to pay the tax bill while it is on the up in value.

Taken from the last CFE annual report - the current value of CXU holding is about 1.6M and FEL is 2 peanut shells and a button.
--- quote ---
"Subsequent to the year end, on 31 July 2018, the Company reached an out of court settlement with the ATO. Underthe terms of the settlement, the Company has, on a without admission of liability basis, agreed to make finalsettlement payments to the ATO totalling $5,203,442 following the issue of amended assessments for each of therespective income tax years in dispute. Included in the settlement is a shortfall interest component of $790,000. Thesettlement is payable over 5 years until March 2023. Under the terms of the settlement, the Company retains allcarry forward losses.The Company’s wholly owned subsidiary, Dempsey Resources Pty Ltd (Dempsey), has agreed to provide the ATO withsecurity over its shareholdings in Fe Limited and Cauldron Energy Ltd as collateral.The Company recognised an amount of $5,227,739 in the Consolidated Statement of Profit and Loss and OtherComprehensive Income for the year ended 30 June 2017. The variance of ($24,297) to the final settlement amount of$5,203,442 has been recognised in the current years Consolidated Statement of Profit and Loss and OtherComprehensive Income."
--- quote ---

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CFE Price at posting: 2.2¢ Sentiment: Sell Disclosure: Held
3 Upvote

0 Great analysis

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