1. Reconciliation completed from an internal audit. Trying to get the independent auditors access to the SAT office to confirm. 2. Working on the Haujie asset purchase. 3. Management open to dividend but not before Fiscal 2013 4. Questions and answer included a drunk guy named Roy and another person playing a donkey soundtrack.
Marek, Unfortunately, Gravis and CB already summed up the CC. Nothing new, all the same old answers. Toups must have read my earlier post - I think he used A-N from the multiple choice.
The only interesting tidbit was - Toups specifically mentioned that the increase in Advances to Suppliers (now at 191M) was in anticipation of closing on Huajie FWIW
The call from the jackass caused mixed emotions for me. (Like watching your mother-in-law drive off a cliff in your new Cadillac)It was very funny, it was very disrespectful and no doubt ruins our opportunity to engage in further Q&A, but I have to say, Toups endless delays and excuses brought it on. Speaking on CC's and VC's have become meaningless until they produce the recon and/or finalize the acquisition.
My impression was that there were no negatives in it, mostly positives about the business going forward. The elephant in the room was the acquisition and there were no questions related to it. He did say that it was going forward rather quickly or something like that. The pre-paid gas purchases were related to the filling of the new tanks. Nothing about the low amount of cash on hand and how they would come up with the balance to close. My personal feeling is that they have pre-paid the money to fill the tanks and they will borrow the rest of the downpayment from the banks. And that it will happen rather soon.