Ann: Skilled Group to be acquired by Programmed, page-34

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Vesupria

51 Posts.

26/06/15

15:03

Post #: 15537217
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Originally posted by craft ↑

"As for the contingent consideration write-off, are you sure it hasn't simply been the disbursement of the consideration in the periods you are reviewing that has reduced the deferred consideration balance?"

99% sure. Note 22 in the 2014 Report confirms $1,386,000 of it. The rest disappeared in the last half yearly – no notes but you can trace its disappearance if you add the amounts in payables and new combinations. The payment wasn’t due yet so it shouldn’t have been paid – suspect they wrote if off because of Western Desert Resources. Misleading at best if you ask me – but it’s all legal!

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Does the announcement on 12 Sept 2014 help?

You're right - it is because of WDR. They wrote it off because they no longer have to pay it.

I'm a bit puzzled at the accounting treatment myself. I can't see where the credit side has ended up.

SKE Price at posting: $1.70 Sentiment: Hold Disclosure: Held
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Ann: Skilled Group to be acquired by Programmed, page-34

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