Fine, take the piss out of me. I have thick skin.
Just to be clear. The interest on the note is not going to cover the missed FX benefit of the ARS tanking.
I will help you out here.
The company included a slide in the Full year financials presentation (below) clearly showing any depreciation in the ARS against the USD of more than 65 would deem the note loss making, even with all that lovely interest you talk about.
The ARS is sitting at 71.7 this morning.
If GXY had just left the cash in a non interest bearing account it would have been better. Instead the note has cost them the benefit of around 10% to the notes performance. Or roughly $5m USD. Good intentions maybe but don't dress it up as good please.
I understand the forex tax payment is for 2019, but its a bit galling when we have lost money in the last 12 months with this note.
The note is an embarrassment and will be talked about as little as possible by the execs, a bit like A40
Pleased with this morning SP performance I will say.