Medusa Share Discussion Threads

[geckotheglorious] 02/9/2022 13:08

Glavey
Post 38678
"Are you registered with computershare.com.au to receive electronic securityholder communications?"

It seems not!
:)

[cp42kx07] 02/9/2022 09:26

Extremely strange for any normal company but for MML / X64 perhaps not so much... ?

[cp42kx07] 02/9/2022 09:24

I don't disagree with your points but still wonder about who actually made the decision during the last quarter to not sell gold. Recent events indicate internal confusion to say the least. However I certainly think that the results should have been presented in a more investor-friendly way. If the reason for not declaring a dividend then the company should be filling it's buy-back boots at the current price.

[polaris] 02/9/2022 08:19

There is definitely something very odd occurring here. share price is now very close to presumed cash level after another Q of operations. X64 is still happily generating near US$350 per production oz at $1700. I was expecting share price to head back towards AUD$1+ level but recent announcements only muddy the water.

[glavey] 02/9/2022 03:46

CP42Kx07, 38670

You need to consider the timeline. The figures are for y/e 30th June 2022; it was announced that PRW had given his notice on 30th June 2022 and it was announced that he was subseqently dismissed on 5th July 2022. Hence the conditions which resulted in those figures were during PRW's tenure. One cannot expect that Jeffery McGlinn and the executive board should attempt to manipulate those figures nor that the non-execs should allow it.

The value (or not) of the Ten Sixty Four Queensland Limited assets is still unknown.

However the value (cost) of the consideration, 20,000,000 fully paid ordinary shares in Medusa, is better understood.

Given the reasons advised for PRW's dismissal, I think one should err on the side of caution.

38673
"hard to know who was making the gold sale timing decisions"
Plan to retain more physical gold was announced within PRW's first presentation, IIRC. (14/04/22, P9)
Similarly to favour a share buy-back (rather than declare dividends, one would assume).

[glavey] 02/9/2022 02:37

Are you registered with computershare.com.au to receive electronic securityholder communications?

[geckotheglorious] 01/9/2022 18:38

Glavey
I didn't get that email.

[glavey] 01/9/2022 14:22

38674 / 'Poor' Results
Polaris, Wondering if there might be more going on here than meets the eye, like in an intriguing espionage novel where some others within the walls might be found complicit...

[glavey] 01/9/2022 14:09

There was a very strange email sent out on 30/06/22 at 05:00 BST (14:00 local time) From: "Ten Sixty Four Limited" {[e-mail]} with an (hidden) embedded "Reply-To: [e-mail]" which read as follows:

"Dear Shareholder

This is a notification to advise you of an announcement which relates to shareholders rights to receive documents pursuant to section 110k of the Corporations Act 2001.

To view the announcement please click here.

Kind Regards

Peter Alphonso
Company Secretary
Ten Sixty Four Limited"

The problem was that there was no link at the 'click here' and if one replied to the message to report that issue the embedded 'Reply-To:' send an unsubscribe message to computorshare.

Did anyone else receive or note similar?


A footnote to the original message advised "You have received this message because you have elected to receive electronic securityholder communications. To change your preferences login to Investor Centre, select the "Communication Preferences" option and follow the prompts. Computershare may occasionally send marketingmaterial regarding products and services. To opt-out of receiving these communications, reply withthe word “unsubscribe”."

However I found it impossible to log-in to 'Investor Centre' as it wouldn't recognise any of the registration details I have currently. Why I do not know. I'm uncertain of the present status.

[polaris] 31/8/2022 21:36

They did something like this last year when audited results were available. For me, it'll be too late by then. Even more likely to see boardroom action now. It's going to be close in a few weeks and statements like that today so current team no favours at all.

[cp42kx07] 31/8/2022 19:12

Agreed, although hard to know who was making the gold sale timing decisions. It seems to me that one way to recover the situation would be to restate the (as yet unaudited) accounts that surely could be better presented and then declare a final dividend to show the cash generative nature of the business. There's no reason they couldn't "go large" and pay maybe 5c based on the cash balance. But what do I know!

[polaris] 31/8/2022 17:47

To show how stupid the numbers quoted are - cash and cash equivalent at end of period is $8.6 M higher than 30th June 2021. NPAT listed as under $3 M for this FY, so how do you have a cash pile that has grown much more than NPAT? At least compare gross profit with gross profit for periods in question and then account for movement. Most people will now think X64 is a marginal producer, not the cash cow it is.

[polaris] 31/8/2022 17:43

I agree that the way the numbers are presented is horrible. Even if gold sold after period end, there can be a note in accounts for this. They have unnecessarily thrown out $30 M in revenues and $17 M in profit after costs, never mind the $2.3 M lost for selling gold post period when price fell. Average $1757 for Q4 v over $1850 actual is poor management, though that was under Welker.

[cp42kx07] 31/8/2022 15:29

I'm confused as to why the management would choose to present such an unnecessarily poor set of figures. Surely the chairman should be trying to counter the performance charges levelled against him rather than confirm them? Prior to these results I had intended to vote against PRW etc but frankly I'm disappointed in McGlinn and have now changed my mind. The company continues to drift along aimlessly wasting money and failing to fulfil it's potential.MML / X64 - Apparently the leopard doesn't change it's spots!

[c9ajl] 31/8/2022 09:38

Preliminary final report for the year ending 30 June 2022Https://uploads-ssl.webflow.com/625624dea6f87c59c23b175d/630eee16ea30024dcd52ffb7_220831_fy22unauditedpreliminaryfinancialresults%26app4e.pdf

[polaris] 31/8/2022 07:57

Ie. $34+ M of profit from operations pre tax is 'lost' cf. last year. X64 held 16.5 koz gold at period end. The $22 M in non sale of gold in period really hurts figures. The falls in pog early in next fiscal period hurt all the more as realised price was well below $1750, as revealed in Qly update. Gold was sold post period so not in the actual figures! That's almost AUD$0.15 eps missing from actual operations!!

[polaris] 31/8/2022 07:52

Unaudited, consolidated results out. You need to know your stuff to get the real situation. The top line looks like a disaster, it isn't! $12.5 M for buying assets and most of production in Q4 still held as inventory at 30th June and sold post period. It's about 13 koz of gold, which they hold at cost and not saleable value. That's another $22 M 'missing' from this fiscal period. Results are laid out to look bad. Read beyond!

[polaris] 26/8/2022 09:50

Also, why is Hunt no longer under the removal notice? 'Strange things are afoot at the Circle-K'

[polaris] 26/8/2022 09:48

Announcement out covering the call for meeting to remove directors. Seems Welker is stating the current board unfairly terminated contract and wrapping that up in the 'poor performance' front-loaded statement. It's as clear as mud for me and I'll not be voting for it without some serious further explanation, which I doubt will be forthcoming. The suggested new directors are very weak in background too.

[polaris] 24/8/2022 07:39

Doesn't help the share price See it is off to AUD$0.55 this morning. EV getting ever closer to zero.

[roguetreader] 23/8/2022 10:51

Cheers Polaris good updates

[polaris] 23/8/2022 10:33

I expect audited FY results to come on Thursday, using dates from last year. It could be a week later. Still nothing from the concert parties on EGM to remove board. Last two days have seen a lot more volume. I've said it before and I'll say it again. This smells like a trash job to buy assets at sub par.

[geckotheglorious] 17/8/2022 11:02

Thanks for the continued updates Polaris.
Useful.

Having bought some a while back at the lows I'm alot closer to breakeven on this dog that I used to be!!! :)

[polaris] 17/8/2022 10:45

Also a post market update to the call to remove directors: