End August ...date TBA
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Guess HGH will have to do a huge write down on HMY. Then report 'normalised earnings'. Fair enough
Jeff says $93m to $96m which means it'll be about $95.4m
The calculation involving escrow, spreads, volatility, trading patterns etc etc will no doubt mean HMY stake will be written down a bit ..... but he has the covid overlay and a few other things in the bottom drawer so things will be OK
Anyway whatever HMY is written down buy will only mean huge gains in F23 and F24 eh
HGH hold 8518864 shares in HMY. Was valued at A$1.91 (by memory) so au$16.2m at last reported date.
HMY now au$0.895 x 8518864 shares = au$7.6m current value.
au$8.6m drop in valuation.
The covid overlay is $6.9m?
Wonder is Jeff wanted to keep some of that covid overlay for actual covid related loans in arrears. But now HMY is buggering that up
How big is the bottom draw? :ohmy:
I really think the issue with HMY is liquidity. It is far to easy to lower the price with the use of a little cash and it could be a very clever way to get some cheaper HGH.