VIL - Veritas Investments Limited

[Beagle]

Not surprising there's real discontent amongst shareholders as after all they were assured that the "better" bar acquisition would really transform the company. I guess you could say the company was transformed alright. Market cap is now only 33% of what it was one year ago Company is on the hunt on a good CFO and two independent directors. Anyone with the requisite experience in this industry up for a real challenge / hospital pass ?

[kiwidollabill]

Bars sold for a $450k loss (~33% on purchase). Doesn't sound like they think it is an issue....

https://www.nzx.com/companies/VIL/announcements/274755

[winner69]

Bars sold for a $450k loss (~33% on purchase). Doesn't sound like they think it is an issue....

https://www.nzx.com/companies/VIL/announcements/274755

Not an issue because of course it doesn't affect underlying net profit after tax (NPAT) for continued operations for FY16.

Underlying means you ignore all the bad stuff .... and of course these bars are not continuing so you can ignore those as well

All honky dory as markets are forward looking eh .... judge and value the company and its future prospects on underlying business only .... the driver of future profits eh

Wonder what the next 'not continuing' is?

[Crackity]

Not an issue because of course it doesn't affect underlying net profit after tax (NPAT) for continued operations for FY16.

Underlying means you ignore all the bad stuff .... and of course these bars are not continuing so you can ignore those as well

All honky dory as markets are forward looking eh .... judge and value the company and its future prospects on underlying business only .... the driver of future profits eh

Wonder what the next 'not continuing' is?

Rog would tell you Winner but he is not here.....

[winner69]

Well well, what more can be said

https://www.nzx.com/files/attachments/228853.pdf

Hope that PWC can sort them out.

Extract -
Our previous market guidance was for the Group to achieve EBITDA of $10.5m– $11m and Underlying NPAT of $5.3m–$5.5m for FY16. Given the trading results for the first six months of FY16, the Board believes it is appropriate to update the guidance for the full year to EBITDA of $8m–$9m and Underlying NPAT of $3.0m– $3.5m.

......And that's underlying - significant write downs flagged

[benjitara]

Well well, what more can be said

https://www.nzx.com/files/attachments/228853.pdf

Hope that PWC can sort them out.

Extract -
Our previous market guidance was for the Group to achieve EBITDA of $10.5m– $11m and Underlying NPAT of $5.3m–$5.5m for FY16. Given the trading results for the first six months of FY16, the Board believes it is appropriate to update the guidance for the full year to EBITDA of $8m–$9m and Underlying NPAT of $3.0m– $3.5m.

......And that's underlying - significant write downs flagged

Wasn't it only around 12 months ago that certain parts of management were stating that they believed the company was under-valued and expected the share price to increase to indicate the profitable outlook that the company had!
Incompetent and reckless leadership.

[LAC]

Trusting the leadership is the issue

[kiwidollabill]

P.S. The first 'Mini Mad Butcher' store didnt last very long (~3 months) before rebranding back to an independent

[Beagle]

Whenever there's an expensive external review, (PWC in this case) people might be wise to ask why and who initiated it ? Join the dots...

[winner69]

Guess who insisted on an external review by PWC...

Noodles? ....... No way

Wasn't the bank by any way was it Roger - they don't get it either