This topic is in honor of Keepshorting.
Very often, changes in disclosure within SEC filings can be harbingers of things to come. In situations of negative events to come, often managements include wording in advance of such events so that they may be legally protected after the fact.
With this new, first full time CFO, Mr. Bradley Blacketor, in the ranks of management, we are starting to see some subtle, and some not-so-subtle changes in disclosures in the most recent 10-Q, filed with the SEC nine days ago.
Some of these disclosures may portend problems on the horizon.
I'll start with this ditty that was not at all part of past disclosures before Q2.
From page 16:
<<Our target dividend payment of one-third of cash flow from mine operations may be increased, decreased, suspended or discontinued at any time at the sole discretion of the Board of Directors based on company development requirements and strategies, cash balances, spot gold and silver prices, taxation, general market conditions or any other reason.>>
<<Cetainly not looking good...the Engy news of this dividend disclosure issue has driven the stock down some 5 cents already today.>>
Actually it looks like it closed down 16 cents (-.89%) today.
While Junior Gold Miner Index up +3.42%.
And Silver Miners Index up +2.75%
I'll simplify these past two posts because I know you don't like a lot of words to read, Amadeus. And because I know you will want to argue about SOMETHING.
The inclusion of this disclaimer was a result of the changing financial condition of GORO which is material enough to affect the dividend. If the changing condition were immaterial, the disclaimer would never have been presented in the MD&A of a quarterly filing.
Amadeus to Money_Driver:
<< You twist what I say to suit your own bashing agenda. The whole gist of Engy's post was that this SEC disclaimer was new information. That was BS..>>
Engynear to Amadeus:
YOU twist what I say to suit YOUR own pumping agenda. The whole gist of my post was that this SEC disclaimer was never before put in a 10-Q filing. It is NOT BS.
In my opinion, you would be well suited to pay serious attention to its inclusion, out of the blue, into a quarterly SEC filing.
I never mentioned that this was new information. Go back and read the post carefully.
But when management goes quarter after quarter with standard Management Discussion and Analysis in the 10-Q, then, WHAMMO!, one quarter includes that disclaimer about the dividend, you can be sure it is a legal warning to its shareholders in case they cut the dividend.
And IF they were on a general "clean up the disclosures", "more transparency" project in Q2, what do you make of the EXCLUSION of the disclosures for "unit mining costs"?
What do you make of the EXCLUSION of the "unit milling costs"?
What do you make of the EXCLUSION of the "stockpile tonnage count"?
In fact, management is LESS transparent in this 10-Q about operations then they have ever been since they started production.
Do you honestly believe that management was sitting around in a perfunctory fashion and said: "Oh let's start brushing up on all our disclosures and become more transparent?" And that this just happened to be one of those disclosures?
Or does it not make more sense that they are seeing the drain of cash (yes, "drain"; without the Accounts Receivable drawdown, it would be more vivid to you), and the tightness of operations flows that Legal Counsel has decided that when this dividend is cut, they will have more legal protection from shareholder lawsuits with the inclusion of this disclaimer?
Pay attention, Amadeus! I know you're "all-in" and cannot think rationally at this juncture. But you better believe that this did not just float into the 10-Q out of the blue.
>> my batting down of the disclaimer issue...<<
You didn't bat anything down. The presentation disclaimers were obviously left over from back when GORO was paying Special Dividends last year. The NEW language was inserted into the 10-Q for a reason.
>>Why should I waste my time on the myriad of other BS...<<
It's funny that you try to claim that the other issues are BS. You always try to claim that anything bad about GORO is an unimportant detail. Ha!
"Of course you don't care about the truth or reality"
Good one, PhoneyMoney. You post 100% negative drivel about this company and call everybody who is a long an idiot. And when this stock typically was green on a day when the other mining stocks were red and PM's were red, I didn't see any comments from you or your clown friends.
Your agenda is clear. Your posts are predictable. Entertaining, but that's about it.
2012 - Year of the Longs!
I responded and you had no rebuttal. The SEC will look far far more unfavorably on a quarterly filing without that statement than a presentation because company executives sign off on a quarterly filing.
Of course you don't care about the truth or reality because you're a kool-aid drinking moron.
Amadeus, king of the idiots.
"The fact that are putting ALL of your effort into defending GORO about this one issue tells me that you're unable to defend GORO about the others."
And the fact, Natash, that every one of you bashers has been unable to respond to my batting down of the disclaimer issue shows that you are all huffing and puffing and but have nothing concrete to say.
Why should I waste my time on the myriad of other BS you folks post day in and day out? You are simply going to respond in a like manner.
Pathetic, predictable bunch.
2012 - Year of the Longs!