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Any news on the e-mail and telephone calls? It seems to be dragging on forever. I feel for all you shareholders and just hope none of the coy I have does this immoral and unethical act.
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Member
Originally Posted by soulman
Any news on the e-mail and telephone calls? It seems to be dragging on forever. I feel for all you shareholders and just hope none of the coy I have does this immoral and unethical act.
My email seems to have been duly ignored I'm afraid. I'm amazed there's been no further announcement. Surely people with a much greater interest than my $5k's worth must be kicking up a fuss...
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Member
Add on to that the fact that there was no disclosure from the company that it would not be achieving the $18million profit guidance and you have one big giant mess.
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Member
Hate to keep replying to myself, but I've just been trying to work out how bad this could be.
The announcement says that the sale to Imerys of their chinese operations (which as far as I'm concerned would prop up the SP) was conditional on a EBITDA of 130m RMB. I make that about AU$18.9m, so am trying to work out how close ATR are, but the financial report is a little beyond me. The best I can find is the that NPBT is AU$13.9m, with the interest portion neglible ($130k). As for amortisation, well the "finance costs" are $1.2m, so at best if you add that all back (???) you get about AU$15m.
Any help from someone who's good with reports...
Sounds like the Imerys sale will be "re-negotiated" based on the worse result. If i can get out at anything around the current SP I will I think...
This really looks like the directors were caught out by auditors while trying to fudge up there accounts to reach a set EBITDA amount for the purpose of the sale.
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Member
Ok, found it in the report. EBITDA of AU$17.2m so about 10% below the condition for the sale.
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Member
Hi Damo,
thanks for all your comments. Agree with you that it looks like they got caught out by the Auditors. Not really surprised.... very dodgy management this co. See what happens tomorrow..............
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Junior Member
Hi guys,
I'm not really sure where you get your conditional EBITDA figure for the deal. I've read through the announcements and can't find any indication of the deal hinging on the EBITDA figure for ATR's operations.
Would appreciate anyone pointing me in the right direction
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Member
Originally Posted by ead83
Hi guys,
I'm not really sure where you get your conditional EBITDA figure for the deal. I've read through the announcements and can't find any indication of the deal hinging on the EBITDA figure for ATR's operations.
Would appreciate anyone pointing me in the right direction
Hi ead83
From this announcement:
http://www.asx.com.au/asxpdf/2007103...f5cvqt828g.pdf
Implications for Imerys sale transaction of the amended profit result
a. The share sale agreement entered into between Imerys and Astron contains a
condition precedent to the completion of the transaction that for the year ended 30th
June 2007 the Earnings Before Interest, Tax, Depreciation and Amortization
(“EBITDA”) of the Astron businesses that are the subject of the sale to Imerys be no
less than Rmb 130 million.
Cheers
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