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
