No agenda, I just replied from my last saved post. I spoke to Petar from maybe 5:50 to 6:20. And had to rush to my 7:30 hit.
All of the following is from what I scribbled hastily as he spoke, so take it with a grain of salt.
First of all, us shareholders (not investors, but shareholders) have caused him considerable grief lately. He had the RCMP ? (Canadian verion of the CIA) waiting for him at his house because of all the shareholders thinking this is a scam (in a nutshell). In a little town like his, this kind of thing is huge. Big pain in his A$$. So he is not real happy about that (or us).
Probably the most important thing that he said was that of course he knew who did the audit. He held the interview guy in some amount of contempt, apparently. I didn't ask about whether the numbers were close. He did offer that what we're looking at is the financials of the company from June 1 2005 to May 31 2006. The point of interest is the assets. They have assets and contracts from that time period that will be reflected in the AF's. The current entity has assets from 5 different countries! When you combine companies from 5 different countries, some assets are retained and some transferred. This apparently is complicated stuff (I've never tried it so I'll have to take his word for it).
Thus the difficulty in the audits. He also said that going forward, the quarterly reports will not be 'audited', but the following annual report will be. This is due to the 5 countries involved. The difference in currencies alone is enough reason not to audit the quarterlies.
He also said that he has sealed a deal with Lefarge (?) for supplying cement ( I think he said to the ME). The deal is between $1 and $2 per metric ton for 42 metric tons. It will be realized over the next 3 years. This will translate into about $84 mil. I didn't ask about other deals.
Regarding shorting, he doesn't think of it as an issue. He WILL NOT issue any sort of dividend anytime soon (like years). He said that the only way this company could ever be a 'home depot' is if every cent goes back into the corporation.
I'll paraphrase here, but he basically said that the shareholders hoping to make a bunch of $$ real quick are not what he's about. He's building a company and short term market fluctuations don't concern him.
Wessal has bought about 100 mil through different 'American Concerns'. He himself doesn't own a single share in the company and he doens't allow his employees to own shares.
About Edgar, he said that they would "receive the AF's". I didn't totally understand what he was saying, but it was almost like since we're a pinky, Edgar might not choose to post them. Don't really know what he was trying to say.
I guess that's the jist of it. I'm glad I spoke with him and I'm looking forward to seeing the AF's on the 15th. (not before). I'll visit him in a few weeks. And he'll be gone next week so we're on our own lol. But I'll sleep well until then.
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