No positive spinn on this one, it is dissapointing.
Now it is imporatnt to see how the company will manage the damage. It appeared to be rather technical: "(Company) ...advises that it has been informed by its tax advisors in Portugal that there has been misinterpretation of applicable tax legislation relating to certain tax rate reductions that have been claimed by Somincor, the Company's operating subsidiary in Portugal. Because a lower tax rate than allowed has been used, Somincor has under declared past tax contributions in Portugal."
CC will be handy and assurance from NEW CEO that this is the only issue with the company. This is my biggest concern. If it is the case, then from last 4 quaters of Earnings about 367.7 mil we have to substruct 55.o which will bring us to 312.7 "restated" earnings or 0.8USD EPS. With stock at USD7.88 we will be at P/E9.85. So it was hopefully already factored in the current share price. If the Company will keep market in the dark uncertanty will bring stock under pressure. Otherwise as I have stated before company will be bought out for its ASSETS, once Congo Tenke Fungurume will be resolved.
In any case it is not helping, and one more time do not bet your house on this one, as I have mentioned before.
My call is still in place on Tenke Fungurume Assets which are not factored in the price in any case now.
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