PGC - Licenced to Bank

[Xerof]

"the cheques in the mail George" keep checking your mailbox - daily......

[BFG]

Sorry to any holders,but today's PGC announcement must be the funniest I have ever read!!!
And someone put their name to it.!!!

I know a few people who are LTFAO today!!!

[Toulouse - Luzern]

From stuff today:

"Listed investment company Pyne Gould Corporation has admitted a $22 million hole in its accounts after booking a profit that did not materialise.

PGC, whose shares were suspended for three weeks last October for failing to file audited accounts, had reported a net profit of $26.6m for the year to June, based on an expected $22m gain from selling its former trust business Perpetual.

Doubt was cast on the figure when Perpetual's buyer, Andrew Barnes, said the payment was a maximum contingent on his floating the company, which he was not obliged to do.

He described the profit booked by PGC as "an interesting interpretation".

This morning PGC admitted the $22m had not been received by year's end."

Full article:
http://www.stuff.co.nz/business/indu...its-profit-gap

[percy]

One must ask which announcement was funnier,the original or today's correction????
I enjoyed both.!!!!
Hope there's more.!
lol

[Balance]

And true to form, the company majority owned and controlled by Georgie Porgie Kerr, great-great grandson of one of the founders of PGC, reported after market close on a Friday night hoping it can escape scrutiny by the media and market.

Still full of bravado about the carrying value of Perpetual Trust - now reclassified as a financial asset - held available for sale.

Now if Perpetual Trust is such a great asset, why has Andrew Barnes (Georgie's good mate) not paying for this business?

Tail between the legs - PGC these days.

[Xerof]

Hehehehehehe

he's making a small fortune Balance......problem is he started with a large one

[percy]

Hehehehehehe

he's making a small fortune Balance......problem is he started with a large one

Classic.!!!!!......

[Balance]

Hehehehehehe

he's making a small fortune Balance......problem is he started with a large one

What a tangled web Georgie Porgie has weaved - I wonder if he himself now has any idea the inter-related nature of all the deals he has done!

PGC - Torchlight - George Kerr - Andrew Barnes - Richard Boon - Van Eyk - Pepertual etc etc etc.

[Balance]

https://www.nzx.com/regulators/NZXR/...cements/288133

And what will the FMA and NZX do with yet another late filing by PGC?

Playing right up to Georgie Porgie's intentional snub of all and sundry by suspending the shares so minorities are yet again disadvantaged.

Bloody jokes - FMA and NZX.

[Out to lunch]

Disgusting.
Also good luck to Grant Thornton as auditors. The big4 auditors have pulled out due to the risk and if GT pull out I'm not sure who else can audit it. The new audit legislation requires auditors to have a license in order to audit listed entities (iirc) and these auditors are pretty much all in the big4 and mid tier (BDO/GT etc).
On a side note, I really enjoy exposure to Queenstown property but I just can't do it here, I have more trust in Havelock North water than PGC management.