Maybe they turned off the lights, literally.
@Holla congrats, you have made a correct call re: extension of the offer. But I am unsure how it is positive. How far can they push out the offer, hoping for a big deal, before they fall off a cliff?
The big issue, imo, is on-going solvency. A creditor may test NOR solvency by serving a notice under S.459E of the Corporations Act.
From ASIC:
https://asic.gov.au/regulatory-resources/insolvency/insolvency-for-directors/
"Signs that may indicate your company is in financial difficulty include ongoing losses, poor cashflow, unpaid creditors outside usual trading terms and problems obtaining finance."
Imo, ticks all boxes here. Re: unpaid creditors outside usual trading terms.
NOR AR 18 states: "Trade Payable... are normally settled on 30 day terms".
DPO = 533 days. So more than 500 days outside usual trading terms.
https://www.asx.com.au/asxpdf/20180831/pdf/43xynqqqmqrw3z.pdf
I really struggle to comprehend the make up of NOR trade payables. I would guess that Apples/Google have strict payment terms for download fees and transaction processing.
https://support.google.com/googleplay/android-developer/answer/112622?hl=en
