Ann: Suspension from official quotation , page-8

You guys who think the glass is half full here haven't read the detail.

Bad debts - write offs

"Additional high receivables write-offs $8.6 mil"

Abnormally high project work in progress provisioning and write-offs $13 mil

That is $21.6 mil in bad debt write offs we are aware of at this stage of the cycle. No very good for a company with $450 mil turnover on very skinny margins.

And how about this one;

"Covenant breach
Ausenco has negotiated with its banks, subject to the completion of this raising, for the forecast covenant breaches at 31 December 2013 and 30 June 2014 to be waived.
Ausenco has negotiated revised covenants for these test dates with its banks, based on the Guidance Revision.
If however Ausenco’s actual future financial performance differed materially from the Guidance Revision at either 31 December 2013 or 30 June 2014, Ausenco could be in breach of its revised banking covenants, placing Ausenco in default of its banking facilities."

WOW they needed this raise as they have been would have been in covenant breach with their banks.

I would call for al relatives to of the CEO to resign immediately and a no nepotism policy brought into the company.