NKP (ASX) Ann: Half Year Financial Statements

Originally posted by ArasiB ↑

David, you might be right, of course.
Looking at the Balance Sheet in depth, if the entire development cost is written back to zero, the 896+ million shares are worth 1/10th of SFA.

Remember this paragraph in the report?
"The Group performed an impairment assessment at 30 June 2017 and concluded that the carrying value of the Garatou Project is approximately the same as the recoverable amount and therefore no impairment charge or reversal of impairment loss previously booked is required."

As a retired FCA and auditor (yes, many moons ago), auditors' qualifications are a fairly standard procedure. I couldn't guess how many negative reports i signed off, and after the days of Arthur Andersen, negative reporting became almost obligatory when any doubt existed.

Now, if the Directors reject the need to write down assets and the Auditors do NOT disagree with them, what then is the value of the shares ---- 12 cents is a simple formula.
Further if their net loss for the year was less than 1/7th of their available current and liquid assets, there is no immediate demand or need to issue more shares (in the foreseeable future).
IF (i repeat IF) the permits are renewed and NKP gets back to business, remind me again why the SP would not increase.

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No response.

Dear Dr Tielong Tan Managing Director & CEO, Dr Qixue Fang Non-Executive Chairman, Mr Chao Wang (Robin) Non-Executive Director, Mr Richard Jones Non-Executive Director, Company Secretary Mr Keith Bowker,

I have reviewed the financial information prepared by Ernst & Young “the Interim report for the half-year ended 30 June 2017”. Announcement dated 14 September 2017.
I refer to the directors obligations below.
The directors of the company are responsible for the preparation and fair presentation of the half-year financial report in accordance with International Financial Reporting Standards and for such internal controls as the directors determine are necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

I refer to the attached ASX announcement dated 21 October 2016 “Proceedings in the Supreme Court of Western Australia”
Can you please explain why the $2,500,000 the company is seeking to recover from Mr Peter Landau is omitted from “the Interim report for the half-year ended 30 June 2017”.

Also given the attached announcement “Proceedings in the Supreme Court of Western Australia” was dated October 2016, could you please provide the market with an update on this matter.