Tuesday, April 20, 2010

YE statement deadline

Someone posted on Stockhouse that Peter Ball mentioned that statements will be out mid to late next week.

As a result, I posted the following comment/note on Stockhouse:

Yeah, it means that CMM is not late with the YE statements. I think Venture companies have to submit by April 30th. I think TSX ``big board`` companies have to submit by March 31st.

However, I am still somewhat disappointed that CMM didn`t get the statements in by April 15th. This would have been a great opportunity to show the TSX that CMM is ready to play in the big leagues with the TSX ``big board`` players. CMM has had a checkered past in meeting statement deadlines (usually with legit reasons, but still), and this would have been a good opportunity to show that CMM can step up (and file on March 31st) if granted an opportunity to graduate to the TSX.

After all, CMM did file on April 16th three years ago so they have shown they can do better than April 30th.

Maybe it`s a cost situation. It may cost more to have CMM`s staff work overtime to prepare the statements earlier and then the auditors might charge greater fees to have more people assigned to the CMM audit in order to complete the audit in less time. I know how these things work. I bet this is a key reason Century didn`t push the audit far ahead of schedule. Once they are on the TSX board (hopefully next year) then they will be able to hire more Century staff in anticipation of higher requirements.

5 comments:

production05 said...

I don`t remember the exact timeframe but I believe that the AGM circular has to be mailed out around a month prior to the AGM meeting.

The AGM meeting is currently scheduled for June 3rd. The AGM circular includes YE financial info. The package probably has to be mailed out around May 3rd I suppose. However, they will need time to put the package together and to also copy (it might even take a bit longer if they try to make the package look professional). Today is the 20th. My guess is they likely need to have the financials fully audited and signed off by around mid next week in order to give themselves decent space to put the circular package together.

production05 said...

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Glorieux said...

As per Peter Ball yesterday, they are aiming for April 28th for YE financials-they have to be out by April 30th and 24 days before AGM.

There is a new CFO and he is being very thorough and since this is all new to him, it is taking longer. The AGM delay was because of YE financial. The nice part now is that by the AGM, we should have 1Q 2011 financials as well. Production should be online also.

They are also booking 40-50 15 seconds infomercials per week for 2 months on BNN starting soon-probably after 1st pour IMO. Everyone should know who CMM is after that.

There is still lots of shows coming up as well, so we should keep new investors coming IMO which should help support a higher share price.

Glorieux said...

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Carib said...

The Venture Exchange allows 140 days to file YE Financials and 60 days for quarterlies. We don't usually get them until near the last day so April 28 is an improvement, but really they should be meeting the TSX deadlines of 90 days and 45 days.

Thanks Glorieux, for sharing the info from Peter Ball. No complaints about what Peter has done so far.