My blog yesterday aroused a huge amount of interest. People expressed shock and surprise at the news that a company cannot be forced to declare a dividend. It is not always fun being the bearer of bad news but I would rather inform my community about what they need to hear, than keep them in the dark by telling them only what they want to hear. As was said more than once at the Monday meeting: we must deal in facts and figures, not spin or hoopla.
The other query that I received was asking me where I got my figures concerning the Templederry wind farm that I presented in my talk on Monday. I got them from the company documents that I received from the CRO. If you want to see the whole document, click on the link below:
I would like an accountant or auditor to look at the whole document and give us an easy-to-understand explanation on exactly what it means. I am not qualified to do that, and I can only show what I see, without offering any interpretation of what I see, as that is not within my expertise.
My first opinion was that the “community” wind farm was in fact owned by another holding company. The reason I said that is because that is what the CRO document said. Here is a scan of that particular section:
I also said that despite the shareholders not receiving a red cent, the Directors had been paid, as they are legally entitled to be. You can see that in the above scan, and it also appears earlier in the document, on the previous page:
Finally, and this was the one that upset the most people, the question of profits and their distribution to shareholders. This is the section that I showed on Monday night, and it says “profit for the year”. I take that to mean a profit was made by the wind farm? I know that if it was a loss, it would appear in brackets. People have taken this to mean that despite the wind farm making a profit in both 2014 and 2015, the community did not receive a cent.
Are these people correct in their interpretation? When people asked me that on the phone, I was careful to say that I did not know, as that is not in my expertise, which is what I also said on Monday night. Again, I would ask that an accountant or auditor please write in my comments section and explain to us what this means. Were there profits of over half a million euro made by the end of 2015?
DISCLAIMER: I am not an accountant or auditor. I simply read what was in front of me and others have done the same. If I have somehow misinterpreted these documents, I will hold my hand up and apologise, and I will print a full retraction and apology on this blog. This is about the facts. This is not some sort of vindictive witch-hunt.
I eagerly await the comments of those more qualified than I.