RE: RE: RE: RE: RE: Financial result There is not enough information to know what the management is upto. Are they selling the whole company or just the E.mine . One thing they have said is that E.mine is being sold & the price could to be around $97 million based in their impairment charge. They seem to have offer for that.
They should have provide clear information. Because they are negotiating with debt holders & large shareholders & have shared more information with them than retail shareholders which is not right.
What ever they are selling they have charged $180 million because of impairment for E.mine. They did not qualify any other assets for impairment which could mean that either they are not selling it or they will get the existing book value or more for the other assets which are lot more & substantail.
After impairment charge the company is left with total assets of $623 million which can be used to meet the liabilities of the company. As on December 31 the company is still left with Property plant & equip of $524 million & that is after impairment. So they still have huge amount of assets after paying all the debt & have money for shareholders if they sell everything. The best thing would be get rid or E mine & keep the other very profitable operations.
In last quarter statement they had Property plant & equipment of $727million out of which this quarter $180 million for E.mine has been written off. $727-$180= $547 million. There is diff of about $23 because the present value of Property, plant & equipment is only $ 524 million which is still a huge amount.
It is very strange that there is no information about CC .They are keeping the retail investors in dark while all the debt holders & large institutions would know lot more.