Welcome to the Century Mining Blog.
This blog is open for viewing to the general public, but posting is restricted to Blog Members. If you wish to become a Blog Member send an email request to centurycarib@gmail.com.
Comments by the viewing public has been reinstated.
Check out the Information Links down the right-hand side.
We`ll have to wait and see about the true details. Some people have posted that Stockwatch says it`s a Cease Trade Order (CTO). It`s better to wait for confirmation from the company, just to be sure.
It`s not clear if it`s to due to Century not filing YE financials as yet or some other CTO issue. If it`s due to the late filings then I am puzzled. This is why I had previously posted that I wasn`t sure why Century didn`t apply/declare a management CTO, which is what is normally done when additional time is requried (it`s far less damaging than a regular CTO, as it would have allowed shareholders/the market to continue trading, plus it avoids the BCSC initiating a full CTO like the one today). I`m not sure what the TSX rules area. I`m not sure if Century had been maxed out on that option because of applying too frequently in pervious years. Also, this is our full (BCSC initiated) CTO in a bit more than 2 years - not good for a company with big aspirations.
Given this surprise CTO, it doesn`t give me the impression that Century was even in contact with the BCSC (but it`s obviously impossible for me to know).
This is yet another embarrassment (after things were finally starting to come together), after years and years of embarrassing (and share price impacting) situations.
We`ll have to wait and find out what actually transpired, but if it turns out that this is all true then I would encourage Finskiy and Scola and the rest of the executive team to put leadership in place at Century that can management the entire company. There is obviously something fundamentally wrong with Century`s (current and past) leadership, to allow for these types of situations occur year after year after year.
Hey production. Under these circumstances I'm kind of glad shareholders/the market can't trade it. Unless of course one wants to add to their position at lower prices. What a shame, imagine we'd be well into the .80's today without this b/s.
I called and spoke with Hugh Blakely CFO. The financials were very complex last year and needed extra time to complete. Auditors are working on them and should be finished by the end of the week. He too wants to get them out asap. He said, there should be no surprises and looks good. I just thought you should know.
And another post:
They are in the process of drafting a news release. The financials were done but not signed off by BDO yet and they expect them to be filed today or tommorow.
Prod05,We sense your frustration we are all weary with having lost opportunity elsewhere. But that is changing. I appreciate all the hard work you have done offering analysis about what is obscure about the company details for some of us. Regarding making management changes,I keep thinking "I hope our backers read this and do it" regards, RS
Here is my interpretation when pulling together all of the bits and pieces of info that is available:
1) Firstly, it is important to note that auditors are not allowed to touch the accounting system that generates the financial statements. All changes have to be done 100% by Century. The auditors` involvement in the process is restricted to performing standard auditing tests on the financial data, company processes and procedures and company assets (i.e. in-process gold in inventory). All of this is done for only one purpose. That purpose is strictly to express an opinion on fairness of the financial statements for the period being audited.
2) It sounds the auditors and Century came to an agreement/meeting of the minds (at some point over the past 1.5 weeks) about all the accounting treatments to be used for the various complex balance sheet items.
3) It sounds like Century then went back to its accounting system to make the changes (at some point over the past 1.5 weeks).
4) It sounds like Century`s part is now done - with the agreed upon financial statements (adjusted to reflect the auditors input) now printed.
5) It sounds like the auditors are now reviewing the final product prior to signing off, including their opinion on the fairness of the financials.
6) If I am interpreting all of this correctly then the auditors should not have any problems signing off in the very near future because their recent inputs are likely already reflected in this latest version of the financials.
Don't assume that the CFO's explanation is true. We got a pile of lies from Peter Ball, so there's no reason to trust anyone else at the company right now.
what a time to screw-up. gold is at an all time high and investors are looking for a place to park their money. kudos! cmm... screwed your shareholders over once again. please no surprises and btw, start being more transparent 'cause we the shareholders are the ones who pay your salaries.
Beware of new software...I haven't looked forward to an annual report so much since the last thriller I read. Light 'em up, Johnnie. I am assured, though, that this is an issue that will be left in the wake. Why are so many people surprised at the delay, after the company said it would be late? The CTO is a pain in the bohunkus, but look at the buying opportunity it affords us...one of these days! I'll bet sell orders are stacked to the digital ceiling....then we'll read it, and it will look like last Thursday in minature. But yeah, after all, I still can see the guy sitting on the toilet, with the caption, "No job is finished until the paperwork is done!"
As of today, the CTO has been revoked for both Quebec and BC - hopefully it will start trading again: http://cto-iov.csa-acvm.ca/SearchArticles.asp?Instance=101&Form=1&Names1=Century+Mining+Corporation%0D%0A&XSL=SearchArticlesCompany
10 comments:
I believe it's halted due to not filing it's financials.
http://cto-iov.csa-acvm.ca/ArticleFile.asp?Instance=101&ID=DE0A5D3FC6774EB39E85F797E1C31774
It looks to be a CTO, based on BCSC filings.
It`s not clear if it`s to due to Century not filing YE financials as yet or some other CTO issue. If it`s due to the late filings then I am puzzled. This is why I had previously posted that I wasn`t sure why Century didn`t apply/declare a management CTO, which is what is normally done when additional time is requried (it`s far less damaging than a regular CTO, as it would have allowed shareholders/the market to continue trading, plus it avoids the BCSC initiating a full CTO like the one today). I`m not sure what the TSX rules area. I`m not sure if Century had been maxed out on that option because of applying too frequently in pervious years. Also, this is our full (BCSC initiated) CTO in a bit more than 2 years - not good for a company with big aspirations.
Given this surprise CTO, it doesn`t give me the impression that Century was even in contact with the BCSC (but it`s obviously impossible for me to know).
This is yet another embarrassment (after things were finally starting to come together), after years and years of embarrassing (and share price impacting) situations.
We`ll have to wait and find out what actually transpired, but if it turns out that this is all true then I would encourage Finskiy and Scola and the rest of the executive team to put leadership in place at Century that can management the entire company. There is obviously something fundamentally wrong with Century`s (current and past) leadership, to allow for these types of situations occur year after year after year.
Hey production. Under these circumstances I'm kind of glad
shareholders/the market can't trade it. Unless of course one
wants to add to their position
at lower prices.
What a shame, imagine we'd be well
into the .80's today without this
b/s.
Not my posts, but found this on AgoraCom:
I called and spoke with Hugh Blakely CFO. The financials were very complex last year and needed extra time to complete. Auditors are working on them and should be finished by the end of the week. He too wants to get them out asap. He said, there should be no surprises and looks good. I just thought you should know.
And another post:
They are in the process of drafting a news release. The financials were done but not signed off by BDO yet and they expect them to be filed today or tommorow.
RE: "year after year after year"
Prod05,We sense your frustration we are all weary with having lost opportunity elsewhere. But that is changing.
I appreciate all the hard work you have done offering analysis about what is obscure about the company details for some of us.
Regarding making management changes,I keep thinking "I hope our backers read this and do it"
regards, RS
Thanks Yikes1. Also, thanks RS.
Here is my interpretation when pulling together all of the bits and pieces of info that is available:
1) Firstly, it is important to note that auditors are not allowed to touch the accounting system that generates the financial statements. All changes have to be done 100% by Century. The auditors` involvement in the process is restricted to performing standard auditing tests on the financial data, company processes and procedures and company assets (i.e. in-process gold in inventory). All of this is done for only one purpose. That purpose is strictly to express an opinion on fairness of the financial statements for the period being audited.
2) It sounds the auditors and Century came to an agreement/meeting of the minds (at some point over the past 1.5 weeks) about all the accounting treatments to be used for the various complex balance sheet items.
3) It sounds like Century then went back to its accounting system to make the changes (at some point over the past 1.5 weeks).
4) It sounds like Century`s part is now done - with the agreed upon financial statements (adjusted to reflect the auditors input) now printed.
5) It sounds like the auditors are now reviewing the final product prior to signing off, including their opinion on the fairness of the financials.
6) If I am interpreting all of this correctly then the auditors should not have any problems signing off in the very near future because their recent inputs are likely already reflected in this latest version of the financials.
Don't assume that the CFO's explanation is true. We got a pile of lies from Peter Ball, so there's no reason to trust anyone else at the company right now.
what a time to screw-up. gold is at an all time high and investors are looking for a place to park their money. kudos! cmm... screwed your shareholders over once again. please no surprises and btw, start being more transparent 'cause we the shareholders are the ones who pay your salaries.
Beware of new software...I haven't looked forward to an annual report so much since the last thriller I read. Light 'em up, Johnnie.
I am assured, though, that this is an issue that will be left in the wake. Why are so many people surprised at the delay, after the company said it would be late? The CTO is a pain in the bohunkus, but look at the buying opportunity it affords us...one of these days! I'll bet sell orders are stacked to the digital ceiling....then we'll read it, and it will look like last Thursday in minature.
But yeah, after all, I still can see the guy sitting on the toilet, with the caption, "No job is finished until the paperwork is done!"
As of today, the CTO has been revoked for both Quebec and BC - hopefully it will start trading again:
http://cto-iov.csa-acvm.ca/SearchArticles.asp?Instance=101&Form=1&Names1=Century+Mining+Corporation%0D%0A&XSL=SearchArticlesCompany
Post a Comment