Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-25

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straw_woods

102 Posts.

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04/05/23

19:40

Post #: 67613961
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Originally posted by NovaMInerals2: ↑

It looks like that you have spent alot of time on this but I would just like to point out a couple of mistakes in your analysis.
1. The amounts you have shown under the directors disclosures heading for both AG and LS is incorrect as this only shows part of their holdings. If you look at the actual latest director notices you will see that AG also holds 1,739,615 shares in Leonite Capital LLC and LS also owns 5,817,060 shares in his super fund and a further 1,819,924 shares in a trust.

2 The holdings which you show for AG in your analysis for Leonite Capital LLC in both March and April is incorrect. You have incorrectly shown the opening balance in the directors notice dated 28/2/2023 of 1,639,615 shares when it should actually be the closing balance of that date which is actually 1,739,615.
Your analysis

Actual closing balance per directors notice dated 28/2/2023

3. The top 20 report just shows the top 20 holders by account. The reason why Leonite Capital LLC doesn't show in the top 20 list dated 24/4/2023 is because a large portion of AG's shares held in the name of Leonite Capital LLC are actually held in one of the nominee accounts which is in the top 20. Nominee accounts obviously hold shares for a number of holders and Leonite Capital LLC is just one of the holders within this nominee account. However, for director notice reporting purposes we need to show the actual total holding (including those held in the nominee account as well as they held in the same name) so that is the reason for the difference between the top 20 notice and the directors notice.

In future can I suggest you just send me an email if you have any queries and I will be happy to look into them for you.

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Appreciate the response. Does take a bit of time, but happy to do so. Unfortunately static point in time data like the Top20 doesn’t show how the register is building without this analysis. As a large investor in NVA and a believer in the long story, I did this to show the positive story more clearly and my only wish is the company communications would build the same trust through similar clarity.

To your observations.
1. Will rename this section to Additional Director disclosures, highlights in top table I thought were self explanatory.
2. Noted, yep I missed that update, would still have prompted my observation
3. Well, aren’t some ASX rules confusing. Thanks for explaining. I still would think the double counting would be better accounted for by reconciling to Director notices rather than hidden in the mystery of nominee accounts, if for no other reason than being consistent and maintaining trust of investors (the users of financial statement information).

I have sent emails before and got nothing. Would prefer to be rather raising such matters in that way myself. Will try again in future.

While you haven’t responded to the more obvious messaging issue in this announcement being overstating Korbel by double counting Cathedral, my core concern remains. I trust management and the board are going to do better in this respect in future. Thankyou.

NVA Price at posting: 35.5¢ Sentiment: Buy Disclosure: Held
12 Upvote

0 Great analysis

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