I have just read ASX listing rules chapter 17 and it appears that a company can conveniently fail to lodge its annual report pretty much indefinitely unless, I quote:
17.2 ASX may at any time remove an entity from the official list if, in ASX's opinion, any of the following applies.
* The entity is unwilling to comply, or breaks a listing rule * The entity has no quoted securities * It is appropriate for some other reason
I am not ASX but in my modest opinion, the "entity" is definitely not willing to comply with the rule requiring it to lodge an annual report in a timely manner.
Surely 1 month and 12 days from 01/09/2010 (last announcement) should be enough to "finalize" the financial report?
I think an email to ASX, and perhaps a copy to ASIC would be in order.
PTN Price at posting:
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