That's probably what "dickeypiper" meant when he referred to "Rennie" (he probably meant Rene, but the reference to the medicine against Heartburn, Indigestion & Trapped Wind is quite funny).
Listening to the CC is only worth it if you want to learn how to lie through your teeth with a straight face and you want another proof of just how clueless "analysts" really are...
just an example:
CC: who did you sell the goa operations to? - I can't go into that, it was not in the house, litigation will take several years...
20-F: "In 2012, we entered into an agreement with A DIRECTOR of two of our subsidiaries, whereby the director agreed to purchase 100% of the shares of our subsidiary for a nominal amount. Such subsidiary did not have significant assets or business at the time of disposition. Subsequent to the year ended December 31, 2012, such director acquired another subsidiary from us."
"In December 2012, management was committed to a plan to sell the interests in the Indian extracting facilities and, as such, the interests were reclassified as assets for sale which were measured at their fair values less costs to sell. The sale was completed in 2013. Pursuant to the share purchase agreement, the sale price includes a certain percentage of the company’s future free cash flow from its operations and investment for A PERIOD OF SEVEN YEARS. As a result of significant uncertainties as to the probability of receipt of any future consideration, management determined that the expected value of such future cash flow was $nil at December 31, 2012."
Bottom line: the "director" (Smith or Chatterjee?) buys out subsidiaries (Goa, plus two others (canoro?)) for $1 or so, and MFC recovers nothing because the lawsuits take more than 7 years and, surprise, MFC only gets something if operations resume before 7 years.
I'm a little surprised at the market reaction because I assumed it was common knowledge that the goa operation was considered illegal (shah report from months ago).