As far as the SP response goes to these results, the above posts are all on point, but we still have 8% of the company shorted, and how shorters interpret the results could have more of an impact than longs.
They are pretty stuborn, and the post in this thread about 'aggressive accounting' is the best explanation i have seen, it was a very useful post, but i disagree with much of it, they only see numbers, and arent willing to see practical explanations.
I am not an accountant, but i believe the problems they see in Tassal's reporting are due to accounting regulations, they see a problem with accounting for paying the lease off in 4y rather than 10, think management is under-reporting depreciation, and over-reporting on growth expenditure.
There is probably nothing in these numbers that will change their mind on their flawed analysis methods, but perhaps on the last point, we less spent on growth, they might trick themselves into thinking over-reporting of growth is lessening.
But the good news is that its unlikely they will try increasing their position, unless there is significant bad news, we have seen a pretty hard floor on the prices, so they dont stand to gain much, and time works against them.
They will likely hang around convinced they are right even when they are eventually being forced out by rising SP from longs, its just a matter of how long that takes.
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As far as the SP response goes to these results, the above posts...
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