Silvercorp Metals - Jetzt geht\'s hier richtig los! (Seite 267)

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"Which of these three potential causes behind Silvercorp's massive sell-off so far this year is the case should become evident in the next month or two, but at this point it does appear most probable that it is a coordinated attack. If that is the case, the short position should soon cover and shares of SVM should then begin to climb."

Also, warten wir ab!

[elsolivars]

Antwort auf Beitrag Nr.: 44.089.021 von elsolivars am 31.01.13 18:47:03

ich hab hier was für dich gefunden, vielleicht lindert dies
ein wenig den verdruss ob des "scheiß" management :



http://www.kitco.com/pr/frame/index_prec.html?http://www.kit…


ich hoffe es hilft.

elsolivars

[elsolivars]

Antwort auf Beitrag Nr.: 44.089.793 von elsolivars am 31.01.13 21:32:50

ich muss nochmals schnell auf die shorti´s zurückkommen.

ein aspekt der bisher noch garnicht erwähnt wurde ist der umstand,
dass diese - vorausgesetzt es sind weiterhin 8 mio shares short -
jedes quartal in ihrem tun in etwa 200Kilo usd jedes quartal hin-
blättern dürfen.

also wer noch shares hält...... haltet sie fest, irgendwann wollen
die shorti´s nicht mehr und dann wirds wohl recht teuer, so denn
wenig aktien verfügbar sind.

elsolivars

[elsolivars]

Antwort auf Beitrag Nr.: 44.089.489 von elsolivars am 31.01.13 20:23:25

so im stundentakt noch etwas zum lesen :




Is Silvercorp In The Midst Of A Bear Raid?
January 24, 2013 | 119 comments | about: SVM, includes: GDXJ

Disclosure: I am long SVM. (More...)

Silvercorp Metals (SVM) appears to be the target of a bear raid. The silver miner has declined by over 20 percent since the start of January, and over 16 percent in the last five days. During this period of time, no new fundamental or material information has been reported by the company, and silver itself has increased in price. See a chart comparing the 2013-to-date performance of SVM and the iShares Silver Trust ETF (SLV): (click to enlarge)

The only information that has come to the market in the last three weeks is that numerous law firms have initiated class actions against Silvercorp, alleging that Silvercorp overstated the level of silver production at its mines, as well as the quality and quantity of its ore reserves. Though these lawsuits are all less than one month old, the allegations upon which they are based were first brought to the attention of the market well over a year ago.

In September of 2011, Silvercorp sued Anthion Management, Chinastockwatch.com, Alfredlittle.com and related entities, accusing them sites of intentionally publishing false information in order to lower the company's share price and profit on short sales. In March of 2012, Anthion filed a counterclaim, while also admitting it was the author of a report on Silvercorp that was anonymously sent to securities regulators, auditors and journalists on August 29, 2011. That report was also published on Chinastockwatch.com, which was run by Anthion and which is now defunct.

In July of 2012, Anthion's counterclaim was dismissed, and in August of 2012, Silvercorp's defamation lawsuit was dismissed. The court concluded that the defendants raised questions of potential accounting fraud and/or other possible asset misstatements. According to the decision, the claim was dismissed because the statements were constitutionally protected opinions that were stated as possibilities rather than certainty, and that the author probably believed they were true. The court also indicated fraud was stated merely a possibility and not an absolute certainty, and that the anonymous publishing likely reduced the perceived veracity.

In essence, the court concluded that a reasonable reader of the statements at issue would perceive them to be the author's opinion and not known or definitive facts. This distinction makes a defamation claim non-actionable. This is a technical distinction, because such opinion is protected speech that cannot be restrained or be actionable as defamation. Another way of stating this is that one can state almost anything about another and not be sued for defamation provided they preface it by stating that they are not sure that it is true, but that it is their opinion that it is possibly true. Moreover, cowardly hiding your identity strengthens your defense.

Silvercorp has since noted that the proved and probable reserves in SVM's flagship property increased since the alleged short and distort defamation, but its opinionated critics have also noted that Silvercorp may have funded Chinese officials in order to initiate and expedite investigations against the publishers of the claims against the company. While Silvercorp is a Canadian company, its assets are primarily in China. The Anti-Corruption Unit of the Royal Canadian Mounted Police is apparently investigating this matter to gauge whether Silvercorp violated the nation's Corruption of Foreign Public Officials Act.

It seems quite clear that the battle between Silvercorp and its critics is not yet over, but it may be nearing its end. This most recent onslaught of lawsuits appears to be coordinated with a bear raid upon shares. Moreover, it also appears that the potential value of the claims, which will most likely be settled, is less than the value to be obtained by covering a substantial short position.

As of the last update, there were 8,191,918 shares short, which means that the total short position has recognized about an $8 million gain since the start of 2013. Given Silvercorp's volume, it would take one to two weeks for all short shares to cover. Right now, the activity in Silvercorp indicates that there are three probable reasons for the company's recent poor performance: (1) someone with inside knowledge selling a significant position due a material fact that is yet to be released; (2) a large fund is exiting the position; or (3) a bear raid to cover a large short position.

It is also worth noting that Silvercorp is in the Market Vectors Junior Gold Miner ETF (GDXJ), and is actually one of the larger components of the currently 79-member index ETF, representing about 2.4 percent of the ETF's total portfolio. The Junior Gold Miner ETF last reported holding 11,780,809, which was a decline of 1,587,120 shares compared to its prior reporting. Given that Silvercorp is not a gold miner, this ETF's position is slightly confusing, but hopefully speaks to GDXJ's management's strong opinion regarding Silvercorp's legitimacy and prospects. Of course, it is also entirely possible that GDXJ management may have opted to eliminate the position, either because SVM is not a gold miner or because of a revised risk analysis.

Which of these three potential causes behind Silvercorp's massive sell-off so far this year is the case should become evident in the next month or two, but at this point it does appear most probable that it is a coordinated attack. If that is the case, the short position should soon cover and shares of SVM should then begin to climb.


entnommen : http://seekingalpha.com/article/1130521-is-silvercorp-in-the…


interessant in diesem zuammenhang sind auch die ganzen kommentare im
anschluß an diesen bericht. lesenswert !!

elsolivars

[elsolivars]

Antwort auf Beitrag Nr.: 44.089.021 von elsolivars am 31.01.13 18:47:03

muss noch was nachschieben; aus einem anderen "brett geklaut ";
bin nicht sicher, aber glaube das kennen wir hier noch nicht, auch
wenn scheins doch schon älteren datums ist (scheint aus 2011 zu sein,
mir aber in der form nicht mehr gegenwärtig) :



SVM answers to allegations made by Alfredlittle
Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?s=SV…



Answers to all allegations made by Alfredlittle.com (September 13 and September 19, 2011) We should expect that lawsuit will follow some of these allegations/answers:
Allegation 1: Henan Provincial Land & Resource Bureau mining reports contradict the production, quality and resource estimates of SVM’s key SGX (Ying) mine as shown in its 40-F and independent NI 43-101 reports that rely heavily upon data provided by management. No independent geologists have visited SVM’s SGX mine since 2008.
Answer 1: First, there are different regulatory requirements and standards between China and Canada. Reporting in China for a private company like Henan Found Mining Co. Ltd. (“Henan Found”), does not have as clear requirements as Canada for disclosure for publicly listed companies. For example, in Canada, we follow NI43-101 requirements whereas in China, NI43-101 is not recognized. It will be very difficult to make comparisons between Chinese statistical data and NI43-101 data.
Second, we do not know if Alfred Little’s original documents or data source is true or not, as the Chinese government does not publicly disclose data like “2010 Dynamic Reconnaissance Report on the Resource Reserve of Yuelianggou Ag-Pb-Zn Mine in Luoning Henan” dated May 19th, 2011, as revealed in their report.
The Henan L&R Bureau Report (“L&R Report”) is based solely on a detailed exploration report on the SGX property prepared by a Chinese firm for the mining permit application in June 2005 (“2005 Report”), which in turn is based on limited exploration results before May 2005, just a few months after Silvercorp acquired the SGX property. The anonymous authors should know that this type of report cannot be effectively compared to the Company’s NI43-101 report, and was not reviewed and checked by a Qualified Person (“QP”) so it is not NI43-101 compliant and cannot be relied upon.
According to Chinese regulations, once the 2005 Report is completed and filed, the resource calculation does not have to be updated until preparing to renew the mining permit. The SGX mining permit expires September 2014 so an updated exploration and resource estimates report is not required until a couple months before September 2014. Silvercorp’s 2011 NI 43-101 report included 26 existing and newly discovered veins based on 6-years of continuous extensive drilling (174,844 meters) and tunneling (83,583 meters). These are not included in the L&R Report. Silvercorp also used different cutoff grades and minimum cutoff thicknesses compared to the L&R Report. The following table shows different parameters used in the original mining permit application report and the SGX NI43-101 report.
Table 1 Comparison of Henan L & R Bureau Report and SGX43-101 Report: different drilling metres, cut-off and dilution width No of Veins Drilling (m) Tunneling (m) Cutoff Grade Minimum Cutoff Thickness(m) Ag (g/t) Pb (%) Zn (%) 2005 Detailed Report 10 3,854 8,156 40 0.3 0.5 1.0 2011 NI43-101 Report 26 174,844 83,583 300 g/t Silver Equivalent 0.1

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The L&R Report only reports tonnage and grades mined and remaining at the year-end during the valid period of the mining permit from the veins in which the resources were reported in the 2005 Report. Mine production from those veins discovered and explored after May 2005 are not required to be reported to the L&R Bureau, which explains why there are differences in tonnes and grades between actual mine production filed by Silvercorp and resource depletion in the dynamic reconnaissance report.
According to NI43-101 requirements, since Silvercorp is a producing issuer, its resource or technical reports or assay results are not required to be prepared by or under the supervision of an independent QP.
In terms of production numbers, Silvercorp production numbers reported in its Financial Statements and MD&A filed on SEDAR were audited by Ernst & Young and this is not being questioned. As we operate mines, the best way to check our production numbers is through cash revenue, VAT tax paid, cost, corporate income tax paid and profit. Here we will go through the actual production numbers.
Government Verification Certificate of Revenues and Corresponding Tax Paid (please refer to our September 14, 2011 News Release for all related “Schedules”)
The Company has already taken the unparalleled step of publishing internal financial records in its news release of September 2, 2011 to demonstrate transparency in its business operations, and is cooperating fully with securities regulators to assist them in their investigations.
To provide shareholders further comfort on Silvercorp’s China operations, the following additional information and explanation of Chinese tax procedures is provided:
The Company has obtained Verification Certificates issued by the State Tax Bureau of Luoyang City of Henan Province (“Tax Certificates”) on September 13, 2011 for two of Silvercorp’s revenue generating subsidiaries: Henan Found and Henan Huawei Mining Co. Ltd. (“Henan Huawei”). In the Tax Certificates, it certifies the sales revenues, corresponding value-added tax (“VAT”) and corporate income tax (“CIT”) filed by Henan Found Mining (Table 1 and Schedule 1) and Henan Huawei (Table 2 and Schedule 2).
From Table 2 (Schedule 1), the Tax Certificates certifies that since calendar 2006 and up to June 2011 (5.5 years), Silvercorp’s 77.5% owned subsidiary, Henan Found has generated sales revenue of RMB3.68 billion (US$521 million), paid VAT of RMB486.85 million (US$69 million), and paid CIT of RMB250.48 million (US$37 million) for a total of RMB737.33 million (US$106 million). In addition, as a result of repatriating dividends, Henan Found has also paid withholding taxes of RMB35.65 million Yuan (US$5.3 million) on behalf of Victor Mining Ltd. In total, the tax paid by Henan Found during the 5.5 year period since its operations began in 2006 is US$111.3 million.

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Table 2: State Tax Bureau of Luoyang City Verification Certificate on Henan Found
VAT CIT Total 2006 210,219,185.15 14,033,656.07 - 14,033,656.07 0%
2007 674,875,415.16 86,412,775.41 - 86,412,775.41 0%
2008 563,148,549.97 55,612,082.99 38,685,689.70 94,297,772.69 12.50%
2009 613,056,783.63 88,011,698.67 41,170,222.23 129,181,920.90 12.50%
2010 964,812,316.05 142,348,549.06 70,106,168.08 212,454,717.14 12.50% Jan – Jun 2011 656,191,779.46 100,431,460.13 100,517,410.21 200,948,870.34 25% Grand total 3,682,304,029.42 486,850,222.33 250,479,490.22 737,329,712.55
Calendar Year
Revenue
Taxes Paid
CIT Tax Rate
From Table 3 (Schedule 2), the Tax Certificates certifies that since calendar 2007 and up to June 2011 (4.5 years), Silvercorp’s 80% owned subsidiary, Henan Huawei has generated sales revenue of RMB346.6 million (US$49 million), paid VAT of RMB36.36 million (US$5.1 million), and paid CIT of RMB1.52 million (US$0.22 million) for a total of RMB37.88 million (US$5.3 million).
Table 3: State Tax Bureau of Luoyang City Verification Certificate On Henan Huawei
VAT CIT Total 2007 64,752,122.95 4,361,627.27 4,361,627.27 0%
2008 72,565,991.70 8,478,174.35 8,478,174.35 0%
2009 37,835,127.74 4,734,081.78 4,734,081.78 12.50%
2010 89,717,995.68 9,616,899.49 133,266.98 9,750,166.47 12.50%
Jan – Jun 2011 82,036,377.70 9,172,489.37 1,388,252.47 10,560,741.84 12.50%
Grand total 346,907,615.77 36,363,272.26 1,521,519.45 37,884,791.71
Calendar Year Revenue
Taxes Paid
CIT Tax Rate
In summary, the Tax Certificates certify that two of the Silvercorp’s operating subsidiaries have made VAT and CIT payments of US$116.6 million. A fraudulent company would not pay such a significant amount of tax to the government!
Production and Sales Revenue Comparison for Henan Found
Based on the Tax Certificates, Henan Found has generated sales revenue of RMB3.68 billion or US$521 million from January 1, 2006 to June 30, 2011. In order to examine if the revenue number in Silvercorp’s audited financial statements for the same period match with the Tax Certificates, we have extracted production and revenue data for Henan Found from Silvercorp’s audited financial statement filed on SEDAR and listed in Table 4 and detailed in Schedule 4.

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Table 4: Production and Sales Revenue for Henan Found extracted from Silvercorp audited financial statement filed from January 1, 2006 to June 30, 2011:
Ore Metals Grade
Metallurgical Recovery
Metal Produced/Sold
Price, net of VAT and Smelter Charges
Revenue from Ying Mine
Revenue from TLP Mine
Total Revenue From Henan Found (tonnes) (g/t or %) (%) ('000oz or '000lb) (US$/oz or US$/lb) ('000 US$) ('000 US$) ('000 US$) Ag 441 92 18,584 13.91 Au - - 3.64 782.86 Pb 8 96 234,337 0.76 Zn 3 72 65,646 0.68 521,260
From Jan 2006 to Jun 2011
Total 1,425,417 479,38441,876
From Table 4 and Schedule 4, Henan Found generated revenues of US$521 million for the period of January 2006 up to June 2011, which consists of $479 million from the Ying Mine and $42 million from the TLP mine. These revenues were generated from a total production of 1.43 million tonnes of ore with ore grades of Ag 441 g/t, Pb 8%, and Zn 3%. Applying metallurgical recoveries of Ag 92%, Pb 96%, and Zn 72%, the total metals produced and sold is Ag 18.6 million oz, Pb 234 million lbs, and Zn 66 million lbs. The weighted average selling price of the metals produced for the period, net of VAT and smelter charges, yielding per unit selling price of Ag $13.91/oz, Pb $0.76/lb, and Zn $0.68/lb.
The sales revenue in Table 4 matches perfectly with the sales revenue in the Tax Certificates, further indicating that the revenue and profit reported by Silvercorp is correct and is the truth, and its production tonnage, grades, selling prices match with the revenue.
In case you are still not happy with our answer, we can examine our Calendar 2010 production and grade number against our revenue and profit.
Consolidated Revenue Reconciliation for Calendar Year 2010
As Calendar 2010 year production and revenue has been questioned, we further analyze our audited financial statement corresponding to the period of Calendar 2010, which consist of 4th quarter of our Fiscal 2010 and 1st , 2nd , and 3rd quarters of our Fiscal 2011.
The following table summarizes the reconciliation of revenue reported on Tax Certificates to revenue reported on the Company’s financial statements filed on SEDAR for the period of January 1 to December 31, 2010. Conversion of the Company’s fiscal year financial information to calendar year is done by adding fiscal 2010 fourth quarter’s revenue to revenue for the first three quarters for fiscal 2011.
The metal sale revenue break-down is also listed in Table 5. All revenue numbers are consistent with each other.

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Table 5 Comparison and Reconciliation of Revenues from the Tax Certificates and Silvercorp’s Reported Audited Financial Statement for the Period of Calendar 2010
Henan Found
Henan Huawei
Misc. Income and Intercompany Sales Adjustment Total Revenue RMB - USD Total Revenue RMB RMB RMB (Note) in RMB FX rate in USD
Revenue per China Tax Bureau Verification Certificate: Calendar Year 2010 Total ¥ 964,812,31689,717,996¥ -19,064,014¥ 1,035,466,298¥ 0.14788153,129,145$
Revenue per Financial Statements Filed with TSX: 3 Months Ended March 31, 2010 in Fiscal 2010 171,106,184¥ 21,398,225¥ -¥ 192,504,409¥ 0.1466 28,224,611$ 9 Months Ended December 31, 2010 in Fiscal 2011 780,866,081¥ 62,095,808¥ -¥ 842,961,889¥ 0.1482 124,904,533$ Calendar Year 2010 Total ¥ 951,972,26583,494,033¥ -¥ 1,035,466,298¥ 153,129,145$
Note:
Intercompany sales represents sales made between Henan Found and Henan Huawei. For financial statements purpose, these sales are eliminated.
Production
3 Months Ended March 31, 2010
9 Months Ended December 31, 2010
Total: Calendar year 2010 Ore Production (tonnes) 133,921595,191 Head grades: Silver (g/t) 304 323 319 Lead (%) 5.7 5.8 5.8 Zinc (%) 1.6 1.9 1.8 Recovery rate Silver (%) 90 91 91 Lead (%) 95 95 95 Zinc (%) 68 70 69 Metals Production Silver ('000 ounces) 1,079 4,253 5,332 Gold ('000 ounces) 0.5 2.2 2.7 Lead ('000 pounds) 14,921 54,626 69,547 Zinc ('000 pounds) 2,747 13,091 15,838 Average selling prices, net of VAT and smelter charges Silver (US$/oz) 13.25 16.45 15.80 Gold (US$/oz) 846.0 890.0 859 Lead (US$/lb) 0.78 0.82 0.81 Zinc (US$/lb) 0.67 0.65 0.66 Revenue Silver ('000 US$) 14,302$ 69,950$ 84,252$ Gold ('000 US$) 457 1,862 2,319 Lead ('000 US$) 11,615 44,564 56,179 Zinc ('000 US$) 1,850 8,529 10,379 Total 28,224$ 124,905$ 153,129$
Miscellaneous income consists of income earned on raw material sales, rent, and ore processing fees. For Chinese tax and SAIC filing purposes, miscellaneous income is included as part of revenue; whereas for financial statements purpose, it is excluded from revenue and is included as part of other income.
Again, as illustrated in the Table 5, our reported production number of 595,191 tonnes of ore grading 319 g/t silver, 5.8% lead, and 1.8% zinc has generated US$153.129 million revenue, match our audited financial statements and consistent with Tax Certificate.
Are you still questioning our production numbers that match with cash?

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Allegation 2: Outside Tests of Ore Obtained from the SGX Mine Reveal Low Silver Content Metallurgical testing for the SGX ore body was performed by Henan Non-ferrous Metals Research Institute (HNMRI) in July 2005, not independent.
Answer 2: Who are you? Are you a geologist, a mining engineer or a QP? You are not qualified to take a sample, not to say you took a sample from rocks falling off our trucks.
We have two mills now running at almost 2500 tonnes per day and they have the best metallurgical testing lab! This is really a very laughable accusation that further indicates that you are not expert in mining and are not qualified to analyze a mining company.
Allegation 3: 98% of Henan Found’s Sales Growth in 2010 came from Two Questionable Customers. Management Failed to Disclose SVM’s Largest Customer is a Related Party.
Answer 3: It is inferred that significant sales of concentrate to a major customer, Luoyang Yongning Smelting Co. Ltd. are somehow improper, or not properly reported. The Company’s 15% (11% net ownership interest) in the smelter has always been publicly disclosed, most recently in the June 30, 2011 quarterly on page 20 in financial filings available on SEDAR. Neither Canadian GAAP, nor IFRS standards consider this interest to constitute a “related party” transaction. In fact, sales to the smelter, in keeping with the profitable concept of vertical integration, are preferred as the Company obtains an interest in the smelting profit as well.
Concentrate sales contracts that Henan Found signs with all its customers require cash payment first before concentrates are shipped. Henan Found has received all funds in relation to its concentrate sales to the Yongning and any other parties or customers.
Allegation 4: Recent Auction Sale of 5% of Henan Found Values it at a 90% Discount to SVM’s Market Value
Answer 4: Henan Found’s 22.5% joint venture partner, the Henan Non-Ferrous Geological and Mineral Resources Co. Ltd., which is a state-owned enterprise, sold a 5% interest in Henan Found for US$7 million in a public bidding process (an “Auction”), implying the Henan Found assets are worth only $140 million. Based on the joint venture contract and articles of association of Henan Found, we have a right of first refusal to purchase any interest in the joint venture our 22.5% joint venture partner wishes to sell, except where the sale is to an affiliate. The sale in question was to an affiliate of our partner, a fact confirmed by our Chinese law firm.
Any time a State Owned asset is transferred it must be done in a public bidding process. According to Clause VI of the Public “Announcement of the share transfer of Henan Found Mining Co., Ltd.” the basic pre-conditions and requirement regarding the transferee or bidder are: 1. The transferee or bidder must have good financial condition with a registered capital and paid-in capital of no less than RMB 35M. 2. The transferee or bidder must have good commercial credit. 3. The transferee or bidder must have been operating for at least two years.

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4. The business scope of the transferee bidder must include geological exploration, mining or selling of minerals. 5. The transferee or bidder must provide a technical supporting plan to the transferred enterprise [Henan Found]. The plan must be approved by the shareholder of the transferred enterprise [Henan Found]. 6. The transferee must pay a deposit of RMB 20M to the Henan Central Land Property Transaction Co., Ltd. during the valid period of the announcement. The margin will be turned into the transaction consideration and fee if the transfer is completed successfully. The margin will be refunded interest-free if the transfer is not completed successfully. Those who fail to pay the margin on time are deemed to waive the right. 7. The other requirements imposed by laws and administrative regulations.
Bidders allowed to participate in the auction were pre-screened by our partner, who wished to dispose of its 5% interest to its affiliate. The process limited the universe of bidders and, from the seller’s point of view, was effective in permitting a transfer to an affiliate at a transfer price which was based upon book value valuations. This sale was not a proxy for the true value of the asset being transferred.
Comments in sub-point 3 regarding the decrease in Henan Founds shareholders’ equity indicating a loss are ignored. Shareholders equity fluctuates because Henan Found also paid out a dividend of RMB310 million in September 2010. A simple inquiry to the company would have avoided this grossly negligent, if not intentionally misleading statement.
Allegation 5: SVM Acquired Yangtze Gold from Chairman Rui Feng’s Relative Giving Him a 1500% Gain in Six Months
Answer 5: This allegation relates to the acquisition of the GC project, which was fully disclosed and approved by the independent directors of the Company. The disclosure of the transaction and listing of additional shares also required and received approval from the TSX.
The allegation that a profit of 1500% was gained in 6 months is false. The investment took place over a period of six years from 2002 until 2008, during that time there were successful exploration results and a NI 43-101 resource was defined. The value of the asset was significantly increased during the period it was owned by Dr. Feng’s relative. The anonymous writers imply that there must be something wrong just because the asset was acquired from a relative of Dr. Feng. That is just not so. The transaction was considered and approved by independent directors according to law, and by the TSX according to its rules. It has always been fully disclosed. See disclosure in 2008 AIF.
We also note that as you know that Henan Found’s registered capital is also US$4 million, you would agree that the registered capital does not represent the underlying value of the asset.
More importantly, the GC project is currently expected to be the biggest driver for the Company’s silver production growth over the next 3 years. Since acquiring the project the Company has succeeded in increasing the resource, obtaining an environmental permit, a mining permit and is now moving the project into the construction phase. Investors are asked to judge this transaction based on its contribution in adding value for the Company.

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Allegation 6: Audited Financials of SVM’s JV Partner Prove Henan Found’s Net Income is Overstated by 5.2X
Answer 6: This allegation relates to the income reported by Henan Non-Ferrous Geological Mineral Resources Co., Ltd. (“HNGMR”), the JV partner of Henan Found, being less than the amount calculated by Alfred Little.
Due to lack of information, Alfred Little is not aware that there is an allocation that exist with HNGMR that 70% of the income is reported under a separate legal entity of NHGMR (“HNGMR's 1st Bridge”). Therefore, the amount stated on the HNGMR’s financial statements is only one-third of the 22.5% ownership in Henan Found. Furthermore, HNGMR and HNGMR’s 1st Bridge are not subject to preferential income tax treatments and is required to pay additional 12.5% of taxes on dividend income received from Henan Found. The table below reconciles the dividends declared by Henan Found to investment income recorded on the other shareholders' financial statements (HNGMR and HNGMR’s 1st Bridge) and distribution to non-controlling interest per Canadian GAAP on Silvercorp's audited financial statements:
Dividend payments to non-controlling interest holders of Henan Found (All in RMB)
HNGMR's shares
HNGMR's 1st Bridge (a separate entity)'s share
Total to non- controlling interest ("NCI")
Foreign exchange rate
Distribution to non- controlling interest, per Canadian GAAP, Statement of cash flows
6.75% 15.75% 22.50% (in RMB) (in RMB) (in RMB) (in '000US$)
Calendar year 2010 Dividends declared in 2010 for 2009 profit 20,925,000¥ 48,825,000¥ 69,750,000¥ 6.59 10,582$ Additional 12.5% levied on dividend payment to NCI, as they did not enjoy preferential tax rate -3,437,125¥ -8,019,959¥ -11,457,084¥ Investment income from Henan Found in NCI's book 17,487,875¥ 40,805,041¥ 58,292,916¥
Calendar year 2009 Dividends paid in 2009 for 2008 profit 14,974,808¥ 34,941,219¥ 49,916,027¥ 6.941 7,191$
Additional 12.5% levied on dividend payment to NCI, as they did not enjoy preferential tax rate -2,883,022¥ -6,727,050¥ -9,610,072¥ Investment income from Henan Found in NCI's book 12,091,787¥ 28,214,169¥ 40,305,955¥
Once again, Alfred Little ignorantly performed incorrect research before releasing false allegations against the Company.

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Allegation 7: Counting Trucks Results in 43% Less Production Levels in the Three Months Ended June 30, 2011
Answer 7:
Truck Loading at 30 tonnes?
We appreciate you worked hard to count 2 weeks of our truck shipments in the hot Henan summer. We think that your count is reasonably close except that you do not know exactly how many tonnes each truck carries. Guess you forgot to mention or failed to observe that we actually have trucks weight scales at different mine sites and one at the mill site. All the trucks are owned by local farmers. In order to prevent theft of our ores on the way from mines to the mill, truck drivers are requested to put down a cash security deposit when they start to truck ores for us. We weigh each truck at the mine site after loading and again at the mill site scale. If there is any weight difference, we will deduct lost ores from the security deposit. The weighted tonnage will also be a base for payment to the drivers at about $4 per tonne. If we have paid according to your suggestion of 30 tonne per truck, rather than on scaled weight, we will be facing a lot of angry drivers as the average truck carries closer to 45 tonnes.
If you identify yourself to us, we welcome you to come visit our mine site. We are happy to discuss our truck specifications and allow you to count all of them for how ever many days you wish.
Ores Milled Verified by Resource Taxes Paid
Secondly, please also see here for resources taxes paid to the government for the amount of ores milled during the three months ended June 30, 2011.
Henan Found April 2011 to June 2011 Resource Taxes for Tonnage Milled Breakdown
Month of Tax
Date of Tax Receipt Tonnage Milled
Resource Taxes per Tonne (RMB)
Total Resource Taxes (RMB) ???? ???? ?? ???? ?? April 2011 16-05-2011 50,559 13 657,265 May 2011 15-06-2011 43,724 13 568,415 June 2011 15-07-2011 45,945 13 597,282 Total 140,228 1,822,962
ulisted on June 2011 MD&A: From Ying Mine (SGX mine) 83,036 From TLP Mine 63,482 Total Henan Found 146,518
Difference: 6,290 Ore shipped in previous quarter, but milled in April 2011 to June 2011
Note: Resource taxes is levied on the tonnage of ores being milled or being direct shipped (for direct shipping ores only), at RMB13/tonne. ?????2011?4??2011?6???????????
Here we provide the supporting government issued tax receipts for the above figures.

Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?s=SV…



elsolivars

[elsolivars]

Antwort auf Beitrag Nr.: 44.088.805 von DJHLS am 31.01.13 18:12:49

und schon wieder straftst du mich lügen ob meiner einsicht

schick denen doch mal deine meinung, ggf. kommt auch ´ne schöne antwort.

schönen abend noch
elsolivars

[elsolivars]

Antwort auf Beitrag Nr.: 44.084.618 von 7243052 am 30.01.13 21:41:49

unabhängig davon ob man nun shorten will oder nicht, gibt es trotzdem
ein einfaches mittel die eigenen aktien nicht den shorties in die hände
zu spielen, und zwar dergestalt dass man sie zu einem relativ hohen
kurs zum verkauf stellt. den mm´s verbietet sich damit quasi eine
beleihung.
d.h. auch wenn heute der euro-umrechnungskurs pro aktie bei euro 3,15 oder
ähnlich liegt, stellt man die aktuell gehaltenen aktien mit einem kurs
von beispielsweise euro 12,78 zum verkauf.

müssen shorties dann irgendwann eindecken, so dürfen sie diese aktien
gern ihr eigen nennen und besagten preis zahlen.

der effekt ist, dass einerseits weniger (keine) aktien für shorties
verfügbar sind, andererseits shorties sich recht hoch (im preis) ein-
decken müssen und damit zugleich der kurs im falle eines eindeckens
recht schnell hoch gehen wird, was zwangsläufig - so die shorthöhe
groß ist (aktuell wohl um die 8 mio stück) - schnell zu attraktiven
kursen führen sollte.

das aktienrückkaufprogramm wird den kurs mit sicherheit stützen wenn
nicht sogar nach oben hieven sofern´s vom Marketmaker (MM) richtig und
sinnvoll eingesetzt wird.
ebenso hat das management bestätigt dass aktuell nichts an gehaltenen
aktien verkauft wird. das zumindest impliziert ein hohes vertrauen in
die eigenen fähig- und tätigkeiten zumal der ceo in der vergangenheit
zu erheblich höheren kursen viel geld (mehr als 1 mio) in die eigenen
aktien investiert hat.

wir sollten noch die 14 tage die füße still halten und die zahlen ab-
warten; sicher kann man mit den neuen zahlen vieles von dem was an
meinungen-äußerungen-vorwürfen etc. in der letzten zeit wieder kolpol-
tiert wurde relativieren.

mit jedem tag an welchem svm eigene einzieht, wächst der wert des unter-
nehmens über das sich ein jeder aktionär freuen sollte. dass es darüber-
hinaus auch noch eine divi gibt (kann nie (!!!) groß genug sein) ist ein
weiterhin erfreulicher aspekt.
das schließt aber nicht aus, dass svm aus dem stand heraus mal eben eine
evtl.´e sonderdivi verkündet, welche dann natürlich zur unzeit für die
shorties dastehen würde und - je nach höhe - sicher zum baldigen eindecken
verpflichten würde, will man nicht den arsch in brand gesetzt bekommen.

btw, bin ich mir imo nicht ganz sicher - hab´s zumindest nicht auf dem
radar, ob nicht bereits schon eine gewisse menge silber im stock gelandet
ist um es bei einem höheren silberkurs zu verscherbeln (so wie´s von
sprott seinerzeit in einem offenen schhreiben gefordert wurde).
da aber der staat ja als guter abnehmer für silber steht, ist das ausfall-
risiko sicher recht begrenzt (abgesehen von einer enteignung).

auch wenn die gestehungskosten sich in der letzten zeit sehr gut erhöht
haben, steht svm immer noch recht gut dar, aufgrund ihrer lage resp. ihres
produktionsstandortes. die relation - auch wenn sie sich evtl. mehr und
mehr zu ungunsten von svm verschieben wird (!) - ist nach wie vor gut und
wird sicher auch noch eine ganze weile halten; was also auch bedeutet dass
man weiterhin überschüsse erzielen wird. in wieweit diese wieder in die
regionen der vorjahre heranreichen bleibt sicher abzuwarten.
zumindest wird svm im jahre 2013 noch für überraschungen gut sein.

also, imo ist der newsflow doch recht erfreulich und hoffen wir, dass sich
der kurs stabilisiert, resp. mit erscheinen des berichts wieder kurs in
richtung norden nehmen wird.

elsolivars

p.s. @djhls
die letzten beiträge waren aus meiner sicht mehr als lesenswert. danke !

[DJHLS]

Antwort auf Beitrag Nr.: 44.088.238 von 7243052 am 31.01.13 16:27:24

Und? Ne Frachheit von SVM einfach so einenen Haufen Fachchinesisch abzuladen.

Marktgerecht wäre gewesen, ob das jetzt über oder unter den bisherigen Erwartungen liegt. Ein einfacher Satz... Aber dazu ist dieses Management nicht in der Lage.

[7243052]

Silvercorp Intercepts 18.8 Metres True Width Grading 368 g/t Silver and 1.78 Percent Lead at the LM Mine West, Ying Mining District, China

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2013) - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) is pleased to report the results from its underground diamond drilling program for the second half of 2012 at the LM Mine West ("LM West"), Ying Mining District, Henan Province, China. A total of 43,709 metres ("m") of drilling in 123 holes was completed from January 1, 2012 to December 31, 2012 at LM West.

Highlights of selected intercepts:
Hole ZKX03S31 intercepted a 19.13m interval, 18.80m true width, of Vein LM7 grading 368 grams per tonne ("g/t") silver ("Ag") and 1.78% lead ("Pb") at the 863m elevation, including an interval of 8.10m, 7.95m true width, grading 788g/t Ag and 3.60% Pb;
Hole ZKX3404 intercepted a 10.44m interval, 6.44m true width, of Vein LM17 grading 369g/t Ag and 1.70% Pb at the 599m elevation, including an interval of 2.45m, 1.51m true width, grading 1,323g/t Ag and 6.28% Pb;
Hole ZKX0808 intercepted a 3.53m interval, 3.05m true width, of Vein LM12-2 branch grading 335g/t Ag, 2.23% Pb and 0.51% zinc ("Zn") at the 603m elevation, including an interval of 0.67m, 0.58m true width, grading 1,456g/t Ag, 10.11% Pb and 1.92% Zn; and
Hole ZKX1532 intercepted a 3.17m interval, 2.14m true width, of Vein W5 grading 427g/t Ag, 2.32% Pb and 0.49% Zn the 831m elevation, including an interval of 1.02m, 0.69m true width, grading 1,324g/t Ag, 6.81% Pb and 1.47% Zn.

Underground drilling was conducted from near surface tunnels between the 900m and 950m elevations and was mainly focused on major mineralized vein structures LM7, LM8, LM10, LM11, LM12, LM13, LM14, LM16, LM17, W5 and W6 as well as their parallel structures to expand and upgrade the previously defined mineralization zones within these mineralized vein structures. Drill results from the first half of 2012 were released on August 20, 2012.

The drilling strategy in the second half of 2012 was revised; instead of focusing on step out drilling at depths below the 600m elevation the Company began testing the lateral extensions of the mineralization zones and in-fill drilling at shallow depth or the upper portions (i.e. above the 600m elevation) of the major vein structures. These results are from areas that are accessible from existing mining development.

A total of 24,214m of drilling in 76 holes was completed from July 1 to December 31, 2012. As of December 31, 2012, assay results for 59 holes were received, 10 of which are for holes completed in the first half of 2012 and assay results for 27 holes are pending. Of the 59 holes with assay results, 25 holes have intercepted significant silver-lead-zinc mineralization and the remainder intercepted mineralization and alteration structures.

[DJHLS]

Zitat von 7243052: DJHLS, ich hab bei der direktanlage.at nachgefragt, und diese Antwort ist zurück gekommen:

"Bezüglich Ihrer Anfrage zu Leerkäufen/Leerverkäufen, teilen wir Ihnen mit, dass dies bei der direktanlage.at nicht möglich ist.

Mit freundlichen Grüßen

(Name)
Kunden-Service-Management
direktanlage.at AG"

also es geht bei meinem Direktbroker nicht. Alles klar.

Das tut mir Leid. Ich bin bei Lynx, der deutschen Tochter von IB. Da geht es problemlos. Bei comdirect ging es aber auch nicht.