Today's news headline from Stockwatch was "Century Mining fails to file 2009 results on time". What should have been a Red Letter Day was turned into a Red Flag Day. This is the third consecutive year that year-end financials have been late. The more things change the more they stay the same. Bad enough to be late, but obviously Peter Ball was completely in the dark as he apparently kept insisting that they would be out by Friday at the latest. 4 months should be enough time for anyone to get their financials out. As a result the stock was (rightly) punished. It looks like there will have to a second rescheduling of the AGM.
6 comments:
Maybe they need a new accounting firm, but its hard to see why this subtracts value for the company. You know, they've just been sitting on their thumbs up there at Val D'Or.
It subtracts value because they've just reminded everyone how useless management is. Who cares how much gold they pour at Lamaque if we investors aren't able to follow the money and determine if the company's even profitable.
Although this is a kick in the pants and adds to the market uncertainty for this management team, we're still ahead of the game by a month due to gold pour. Too bad this has taken away from that fact.
But let's remember, they did have the finacials ready they were just held up by someone at the TSX. The are going to look at the further. Century's people signed off on them. The complexity of the statements had a lot to do with it, new shares, gold forward, financing, and debt repayment. Peter said that they were simply being held up by the TSX>
Your explanation about the TSX makes a lot of sense. When reading the NR I had wondered why I didn`t see the company initiating a management cease trade order until the financials were issued (in order to show the TSX and the market that management is not up to no good). If it was the TSX that needed more time to get a better grasp of the various accounting treatments then it makes sense that management wouldn`t need to initiate a cease trade order for their own shares. This would explain it.
Where did you get this info about their financials being held up by the TSX? I haven't heard of this.
Post a Comment