POW 0.00% 0.8¢ protean energy limited

It all gets very hard to follow given no-one can seem to make...

  1. 10,976 Posts.
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    It all gets very hard to follow given no-one can seem to make their mind up about the name of the company that is at the heart of the deal with MLD.

    Their first announcement says their deal is with KORID Energy Co Inc, then two days ago they provide an update and clarification of the deal with KORID Energy Company Ltd.

    Various sources from POW are also conflicting referring to KORID Energy Ltd in places and in others as KORID Energy or KORID Energy Co Ltd.

    From 7/3/17 to 31/12/17 POW treated KORID as a subsidiary that they exerted control over despite only owning 50% of KORID, post 31/12/17 they announced that KORID was being deconsolidated as they no longer exerted control due to dilution resulting in them no longer having control of KORID. They subsequently announced later in 2018 that they were increasing their interest by 10% to 60% of KORID and then in early 2019 they stated that they were no longer going ahead with the extra 10% so presumably at that time they still owned 50% of KORID, which as they no longer exert control over have been accounting for it as an associated company rather than a subsidiary and have valued their interest in KORID at $0.
 
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