The delay in listing is likelt to be associated with their Preliminary Final Report for June 2004.
With negative net assets of $57M, and irrespective of what has been said regarding the Balance Sheet status of the Redeemable Convertible Preference shares, it seems clear that the ASX is taking a much closer look at things.
If the ASX Listing Committee did not clear MWC for listing yesterday, then I cannot see it happening before next Wednesday (or later), meaning that the earliest possible listing is still 1-2 weeks away.
My own hunch, however, is that the ASX will likely require:
1)
a further capital raising;
2)
something further to be done with the Preference shares; or
3)
something further done to satisfy the Company's "going concern" status.
MWC's eventual re-listing could still be quite some time off (as I argued back on 15 July 2004 - see, below):
...........
Subject re: mwc applies for re-listing-finally!!!
Posted 15/07/04 20:33 - 172 reads
Posted by Grant62
Post #321593 - in reply to msg. #321532 - splitview
With respect, I disagree. New age of governance. An ever more cautious ASX. Things are not as rubber stamped as they once were.
All the best,
Grant62
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