ady: asx suspends 30 over late reports

I doubt ADY will be trading until they lodge their annual report.

Could be quite a wait.

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ASX suspends 30 over late reports
AdvertisementEmail Print Normal font Large font AdvertisementLucy Battersby
October 2, 2008

NO homework-eating dogs were blamed, but companies that failed to lodge their annual reports on time made a range of excuses but nonetheless have been suspended from trading.

The Australian Securities Exchange named 30 companies yesterday, five more than last year, that were being penalised for breaching listing rules.

"Companies are suspended until they lodge their accounts," an ASX spokeswoman said.

Five repeat offenders are among the 30 — Amazing Loans, Astron, Atos Wellness, Carpathian Resources and Norwood Abbey.

Personal financier Amazing Loans said "complex accounting issues" due to a reverse takeover and change of auditors had caused its delay and it expected to report within a few days. But the company had a rocky year, losing $116.8 million and announcing the departure of chief executive Bradley Hollingsworth in mid-September.

Celtex, ETW Corporation, Shell Villages and Resorts, Ezenet and Resource Base all blamed complex auditing processes for late submissions, while Refresh Group and Atos Wellness got halfway there and released unaudited reports.

Fulcrum Equity, Palamedia, Braintoys, Autodom,Transol and Authorised Investment Fund all stayed quiet, hoping no one would notice their missing reports.

Nylex stated it was "renewing the company's finance facilities" and could not report yet.

Ten resource and mining companies were named, including Focus Minerals, Kangaroo Metals and Mamba Minerals.

Admiralty Resources said it had reached an extension agreement on a $10.8 million loan that had been called in by Opes Prime receivers Hawkswood Investments, and expected to report shortly. Argonaut Resources released a statement confirming its results were delayed due to an investigation into $3 million of "misappropriated expenses", for which a 36-year-old Sydney woman was charged on September 11.

Five companies — BBX Holdings, Hawthorn Resources, Citigold, Southern Gold and Western Desert — all submitted their annual reports yesterday and their suspensions should be lifted today.

http://business.theage.com.au/business/asx-suspends-30-over-late-reports-20081001-4s0w.html