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The amount of A$21.7m is also about 7% of Ausgroup half-year turnover in 2013.
Thought of buying Ausgroup yesterday but changed my mind... heng never bought it.
The amount of A$21.7m is about 3x of Ausgroup half-year after-tax profit in 2013.
Feel sad that this thing has to happen.
Just a few more days before profit announcement come this news..
BB clf be accumulating..
this kind of major contract got performance clause at each stage... if by now cannot identify why customer withhold payment i think cui already :)
don't be surprised if next week got some unrelated corp action like share placement haha... i am skeptical
Just thinking aloud... would hard commodity stock like Nobel be affected by this market bearishness?
There is really very little information on the announcement. Withholding payment is not uncommon in construction industry. Reasons could be many and not always the fault of the contractors. The defendant is innocent until proven guilty.
What this news imply to? This imply to all these mining companies spent billion of money to invest in railway, process plant, port terminal and etc may face difficulty to raise money from Banks in this kind of low commodity price market.
This may imply that the order book in next few quarters is not positive at all. Market will doubt about the cash flow of Ausgroup.
Don't play play ah. Wahahaha!!!!!!!!!
Octavia ( Date: 03-May-2013 15:37) Posted:
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Wonder what went wrong in their project execution to have KML reacting this way...
Octavia ( Date: 03-May-2013 15:37) Posted:
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It would be difficult to pinpoint how much exactly the share price will decline based solely on the witholding payment of A$21.7m. On top of this, there would be
i) a further loss on the group's opportunity cost of an A$8.8m in the form of bank guarantees, as well as
ii) further earnings opportunities with Karara Mining Limited. Theoretically, just using this value of A$21.7m divided onto its total share base of 480.9m shares, would give a decline of abt $0.057 per share.
yes..the recent developments is a game changer.
KepoChicken ( Date: 03-May-2013 12:37) Posted:
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as someone used to say....don't miss the boat woh.....
yes .. this counter... no 1 dare to dare at this junction
Peter_Pan ( Date: 03-May-2013 12:35) Posted:
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Wait for dust to settle.
Gave up this counter. $$ gone after waiting for 2 months. Good luck. 
bishan22 ( Date: 24-Apr-2013 11:11) Posted:
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kenna whacked 13 %...
should have some bounce up
gd luck dyodd
AusGroup announced that Karara Mining (KML) (a company
incorporated in Perth, Western Australia) has withheld
progress payments of about AU$21.7m for structural,
mechanical and piping installation works carried out by
AusGroup’s wholly-owned subsidiary, AGC Industries (AGC)
at KML’s Karara Iron Ore Project in Western Australia
pursuant to a 2012 contract entered into between AGC and
KML. AGC is actively liaising with KML management to
attempt to resolve the current situation.
RUN AH!!!!!!!!!!!!!!!!!
Australia Mining Industry is collapsing. Coming quarter result may send Ausgroup to 26cents again!!!!!!!!!!
a dropping knife. can catch the knife or let it drop to 0.35 cents
Next support at 0.445-0.415...
Price is dropping.... probably good time to short.
I did not say I sold at 0.565.
ace333 ( Date: 03-May-2013 10:57) Posted:
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