Answer to a frequent basher of the company complaining daily that the company uses anticipate all the time.
For the record is a very good title.
I get a bit tired of bad data and even so it was not a digital cut and paste it was a in writing cut and paste of the same words. Let’s take the frequent gripes that the company use “anticipate” all the time. That “fact” has been in dozens of posts usually accompanied by “starry eyed drooling at the mouth rah rah boys” Not to forget “Vancouver penny stock”
So, I did a little study on the use of anticipate by word scanning every official documents of the company for the last year.
The reason for spending a lot of time on this is because there is a lot of discussion about the credibility of some statements made by the company. I have seen very often that the company is held to shareholders “anticipated” results and not the one the company actually made. So I wanted to set the record straight.
First the word “anticipate” has a very legal meaning and is highlighted in the boiler plate disclaimer of every public company.
Disclaimer. This press release includes forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as “anticipates,” “expects,” “intends,” “goals,” “plans,” “believes,” “continues,” “may,” “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements.
We can find this type of statements in several PR’s and every MD&A
Example:
“Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results”
Outside of “boiler plate” this is how many time the company used antici[ate in their communications:
Use of the word “anticipate in the last 5 power point presentations
None
Use of “anticipate in the last 4 MD&A
“By selling gold and silver at the prevailing spot prices, the Company anticipates that it will realize significant increases in its sales prices,” 3 times in relation to the Bond offer
Petaquilla anticipates the additional 1,000 tpd processing capacity to result in approximately 30% of increase in monthly gold equivalent production. This item was delivered on November 27th 2012 and was anticipated end of October 2012
Cash cost per ounce of gold equivalent sold for the year ended May 31, 2012 was at $574, representing a reduction of 8% compared to fiscal 2011 and staying within the range of $550-$600 as the Company had previously anticipated. Anticipated and delivered
Use of the word “anticipate” in the last 35 PR’s over the last 12 months
Installation and commissioning of the ball mill is expected to be complete by October 2012. The fourth ball mill is anticipated to enhance plant throughput at Molejon by 1,100 tonnes per day and increase production capacity by approximately 30%. PR June 7th 2012
The addition of the fourth ball mill is anticipated to enhance plant throughput at Molejon by 1,100 tonnes per day and increase production capacity by approximately 30%. PR July 3rd 2012
The Company anticipates the commissioning of this new equipment during the second quarter of Fiscal 2013 PR Sep 19th 2012
Cash cost per ounce of gold sold during the first quarter of Fiscal 2013 ranged from $550 - $600, as originally anticipated. As anticipated, the Company intends to offer, on a private placement basis, $210 million PR Sept 19th 2012.
By selling gold and silver at prevailing spot prices, the Company anticipates that it will realize significant increases in its sales prices, and, as a consequence, a significant increase in its EBITDA. PR October 17th 2012
Actual commissioning.
Petaquilla anticipates the commissioning of this new equipment will enhance plant throughput capacity at Molejon by 1,100 tonnes per day and increase production capacity by approximately 30%. PR November 27th 2012
Petaquilla anticipates the newly commissioned equipment will enhance plant throughput capacity at Molejon by 1,100 tones per day and increase production capacity by approximately 30%. PR Jan 16
In summary:
“anticipate” 12 times in 44 documents ( I may have missed one)
8 times about the 4th ball mill an 18 months project delivered 30 days late
3 times about the financing but only concerning and anticipated better spot price for 1500 oz of gold
1 time about the “accomplished as anticipated” cost per oz of gold
