Ann: Trading Halt, page-6

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travm

239 Posts.

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29/05/20

13:23

Post #: 44918784
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Originally posted by joewolf: ↑

I didn't see that - it seemed to revolve around SARGON trading whilst insolvent which could have been as early as 1 October 2019. It suggested that PWC may have to answer why a contingent liability wasn't disclosed in a financial statement. There does seem to be issues that are relatively significant as it all relates to the finalisation of the final agreement - I cannot remember what the sequence was but I thought that in late November 2019 this final deal was done with $12 million cash and balance which never got paid.

This mess certainly is a disaster and as such it does seem unfair that OVH has become the company in the spotlight as it's listed.,

I thought that SEQ was involved as they also went into a trading halt - In fact, theirs relates to acquisition so I don't think it's linked to the shares we held security over and sold

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It's likely the payments OVH received (interest and sale proceeds) were preferences payment. It will be difficult for OVH to run the defence that it didn't have reason to suspect that Sargon couldn't pay its debts when they fell due. OVH may have to pay some or all of it back if the liquidators go after them. Glad I'm out...

OVH Price at posting: 24.0¢ Sentiment: Sell Disclosure: Not Held
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Ann: Trading Halt, page-6

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