Bill - I will seek clarification on the EDF Trading coal loan & how it's accounted for (current vs LT liability). I have no background in corporate accounting, so this is outside of my expertise.
I have contacted the company to inform them of the shareholders' concerns expressed on HC.
They are fully aware of these concerns and are actively working to correct any mistakes, and to make sure the market is well informed of the company's activities since 31 Dec 2010. The main error on the HY report was the incorrect coupon rate stated as 15%, when it should have read 10%. I have asserted as much pressure as possible to make sure that shareholders & the market are informed of this correction.
As far as the "going concern" comments of the auditor go, they relate to the status of the company as at 31/12/2010, and do not represent the present status of the books. Since this time debt has been significantly reduced, and the current ratio is sound.
JB has just landed in SA and will be discussing our concerns with the SA team over the next 2 days, among many other considerations. I think these meetings will be a lot more productive and proactive than the one's poor Pete was talking about in his government bureaucracy experience.
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