MML on FIRE, page-57

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thecone

7,349 Posts.

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31/08/19

13:25

Post #: 40260304
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Originally posted by miningnut ↑

Yes that's a fair summation of the problems facing shareholders even local major institutional shareholders that come and go obviously having given up on Management - this year Euroz-backed Funds including Ozgrowth built up a position then sold out.
Management never tell you anything about tax changes in the Philippines - last year(from 1Jan18) the excise tax increased from 2% to 4% which is essentially a tax on revenue but not
a word to shareholders, no word also on the new TRAIN law effective from 1Jan19 and whether it gives us the right to cash in our VAT certificates that are currently in the books at $US32mil - I notice they wrote off $US10.35mil in these VAT receivables this year(again without any explanation to shareholders) - yes the stated profits would have been this much more except for this extraordinary expense.
A couple of years ago with Boyd Timler as CEO and Teo as Chairman and whilst the E15 shaft was being constructed, it was written in the Annual Report that this shaft could be used to haul 300t/d of ore to the surface but once the shaft was completed the story changed and we are told it doesn't have the capacity to haul ore but only men - just an example of the current BOD not willing to push the envelope and increase production as I'm sure which version I believe.
No articulated Dividend policy from the BOD even though profits and cash are growing.Meanwhile they're happy to keep taking their fees in ever increasing amounts - Teo this year took US$196k($A280k) which isn't bad for a non-executive Chairman - although he was stand-in CEO for eight months - would love to know how many trips, if any he made to the Philippines during the year. And as they don't declare themselves bonuses until October, we won't know until this time next year what these total(this info is not in the half yearly report) and I bet they wouldn't tell you if you rocked up to the AGM in November.
I shouldn't go on as I'm probably not doing the share price any good.

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Hi @miningnut , you going to the Agm this year?
Cheers tc

MML Price at posting: 82.5¢ Sentiment: Buy Disclosure: Held
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MML on FIRE, page-57

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MML on FIRE, page-57

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