"This is confusing: LLEG up only +4% after releasing earnings of $2.4 million?
WTF?"
The earnings figure and other limited financial data were not audited, nor did they disclose enough, or indeed any data, related to the quality of those earnings.
By the former statement I mean that anybody who attaches any credibility to the claimed but unaudited earnings of a Pink Sheet listed company has some hard lessons ahead of them.
By the latter comment, I mean that as other posts on this MB have made clear, no one actually knows from where this claimed profit is derived.
If it is all from one-off exceptional items and, for example, includes the sale of a substantial part, maybe even all, of LLEG's interests in the Burgess project, then that is very bad news.
If on the other hand it is derived from a sustainable business model that can be repeated and indeed improved upon year-on-year, then it's good news.
As ever on the Pink Sheets, the lack of transparency is the friend of the CEO and the day trader, and the enemy of the long term stockholder.
If this weren't such a respectable company run and supported by such respectable folk, then I would have suspected that Friday's "pre-announcement" tweet and today's release of laughably flimsy and insubstantial data was designed
- in the words of one highly active but highly unsuccessful and hugely dishonest stock promoter -
to make the pps to "leap like a goosed kangaroo", thus creating a nice pump for insiders like that very same stock promoter to dump into.
Of course that can't be the case with LLEG, even if today's volume is so very high.
Nevertheless it will be interesting to see where the LLEG pps ends up for the day.
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