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Ann: Results of Meeting, page-66

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Bb1974

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08/07/24

19:19

Post #: 74660689
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Originally posted by the trickster: ↑

I am sorry but your argument is false.

You cannot suggest that based on the 4D balance date 31st Dec 2023 they are trading insolvent when they had more cash on hand as a result of the capital raise in November as well as the R&D tax rebate than the prior half yr.

If you are going to argue that they are insolvent as at 31st Dec 2023, then they are insolvent as at 30th June 2023.

Not lodging the 4D doesnt give you any protection from trading while insolvent rules and the penalties are severe including potential jail time.

I told you the reason why they are in a trading halt, they are using the 4D as a mechanism to trigger an extended trading halt while they engage in negotiations. You don’t seem to be paying attention.
Its a very unethical and corrupt mechanism to use but technically not illegal. They can hold it back based on directors not signing off or argument over some technicality. The fact that they have lodged the latest 4C and the fact that accounts can be reconstructed forensically, they have no where to hide if they are deliberately trading while insolvent, and that does not mean just trading on the exchange, it means trading in “business”. Not lodging a 4D is no protection from the law. Your argument that they havent lodged the prior 4D because of insolvent trading is nonsensical.

Unfortunately the CEOof NUH and the Board are not morally upstanding corporate citizens but behave as shysters.

As soon as the 4D is lodged, they have limited levers available to stop the ASX re-instating them for trade. Miller’s behaviour is unconscionable. And to think this quack believes he is entitled to performance shares. It will be interesting how this works with respect to insider trading rules. Allocating yourself shares while negotiating deals is no different to buying on market based on insider information. We shall see what will happen in time but certainly it may present as a serious problem depending on how events transpire.

My monthly cash burn estimate is reasonable , typically they average around $1.8mln plus per qtr sometimes allot more, but they have cut that way down , cutting salary expenses, marketing expenses etc. We dont know the exact details are as the accounts have not been released for the last qtr but $500k/month seems to be a reasonable estimate to work with. It may be a little higher or lower, but it is certainly not way off the way you are suggesting.

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Roweka has been around a lot lot longer than you and has never been wrong on the accountancy side of things - ever.

NUH Price at posting: 8.1¢ Sentiment: None Disclosure: Held
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Ann: Results of Meeting, page-66

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Ann: Results of Meeting, page-66

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