seyon wrote:innam wrote:After all the magic platinum mines and mysterious BVI companies and nearly 2 years of payments and investing 2 BILLION of shareholder money GREG has earned a capital gain of 190 million.....
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I think, this sale investment may be due to the influence of SEC, since the SEC investigate about this foreign investment and this issue has been for more than 9 months. This sale of investment would be only way forward to release from SEC investigation.
One think we have to take into mind sale eastern platinum brought the capital gain of 1.6Bn, out of that GREG portion is about 23% and this about 400Mn and is already booked as associate company profit.
So the actual return of investment would about 400 + 190 = 590Mn and is about nearly 30%.
@ seyon if you are pulling figures out of thin air, please try to back it up with some financials or at least a magic announcement.
the magic platinum mine was sold in January 2011
http://www.cse.lk/cmt/uploadAnnounceFiles/8951295858044_782.pdf
yet the March financials only talk about a 97 million associate company profit in note 14
http://www.cse.lk/cmt/upload_report_file/782_1306917981070.pdf
so can you please show us where you got Rs 400 million from? in any case given the lack of proper disclosure we can only assume that the magic platinum mine only gave a Rs 190 million or 9% return for the GREG shareholders.
On a different track, isn't it funny that LIONHART took back the remaining gold investments of the BVI company right when gold prices hit a record leaving GREG shareholders with a lousy Rs 190 million capital gain?
In June Lionhart didn't have enough money to subscribe to the GREG warrants but now they pay USD 20 million (and get their hands on the BVI company's cash balance of USD 40 million-apparantely held in a SL bank-which allows them to subscribe to the GREG warrants in December). Money going from the left hand to the right hand and then finally ending up in the left hand? Doesn't any of this smell funny to GREG "investors".
as @ hunter has pointed out this is a great trading share but "investors" should be extremely careful.
P.S.- Rs 2 BILLION only amounts to Rs 6 per share for GREG given the massive 300 million shares in issue and the Rs 190 million capital gain only amounts to 50 cents per share.
Last edited by innam on Fri Aug 12, 2011 12:18 am; edited 1 time in total