I also called up. They are saying that the date would be announced today or on Monday. Also, asked if there is anything to worry about but they informed that there is nothing to worry about.
I think there is some bad news for traders and good news for investors.
They said same thing to me as well. They said they are working with Deloitte and vl publish post conclusion with the auditors. They refrained giving any hints about how the result will be.
Any idea then what could be the reason of such a fall, if not the news of the days (which anyone owning this would have been aware of)? I have a small (ish) position that I’d entered based on the recent fall and I’m sort of tempted to write it off.
What are your plans? (Guessing you own some of it)
I dont want to take any decision on a hurry. Only reason for this fall that I can think of is management being totally non transparent about the consolidated results. But then I am a retail investor with limited information sources.
They have published the list of their customers in the last few weeks. I dont think the was enough to instill any confidence in the investor community.
Nothing about this company felt right from fundamentals, language in AR, cash flows and of course the subsidiaries generating almost all the business, the dividend issue and so on. The last time some of these negatives came up (sometime last year), the management was on CNBC and sending dispatches about meeting investors and the price was pumped up. The management was pledging, selling shares all through 2017, cashing out. I suspect the endgame is now near. Won’t be surprised if the Indian auditors lay the blame squarely on the auditors of the subsidiaries and wash their hands off. The only way for them to prove the earnings numbers are real is by paying a dividend from the cash they claim to be present abroad.
Information has always been available, but it requires spending time going through ARs.
Try and focus on the capital structure and see where does the money comes from and goes to.
8k mille’s original name was Rosebuds Commercial till 2009 and after that P M strips .
8k miles name was finally chosen post re-listing on BSE in 2011.
Go through ARs of 11-12,12-13 and 13-14 things will become clear on how capital structure evolved.
Promoters got fresh shares issued to themselves at a premium (non-cash consideration) , through their share holding in mentor minds inc. USA and mentor minds solutions and private limited (pg 84 of AR 11-12)
The securities premium boosted reserves were then used to extinguish accumulated loss through bonus share issue in 2012-13.
It seems like the announcement came because of yesterdays lower circuit only. May be company wanted to give some comfort to investors in order to avoid any other steep fall like yesterday. But still 17 July seems too far now , seems they announced this just for sake of giving a temporary relief and to avoid panic amongst investors.