If we are insolvent and haven't told the market , what are the...

First 689 Last

Share
Profile

Follow
DarkLordStoaty

1,977 Posts.

466

31/01/20

10:38

Post #: 42665461
Share

Originally posted by TheCount ↑

You're right and there's a heck of a lot more going on than what we're told about and (cue the pitchforks) I can't see it relisting. You can't explore or mine with $3k (as at 30 Sept 2019) in the bank and a $250k loan...

No financials for 18 months = incompetence.
Failed strategy = incompetence and mismanagement.
Lack of communication = incompetence, mismanagement and misdirection.

I cannot believe some of the posts here stating the ASX has it in for Brewer. Fair enough this is a public forum and anyone can say what they like, but do you honestly believe a Semi-Government Corporation can act like that? There are rules and WFE thought we could bend them. Each submission must be taken on its own merits and its just too obvious that the management of WFE are just not up to running an ASX listed entity.

I reckon the story as to why financials were not lodged on time is just an outright lie. At first we're told in the Sept 19 quarterly that the reports were completed and awaiting sign off by the company directors and auditors. Then we hear about further delays as the audit firm was adding their opinion on .... (sorry, I don't remember), and later we have to further wait for Partner sign-off. I'm eager to see their opinion when the documents are finally released and to see who the Partner is! My guess is the company is so close to insolvency and they're back peddling to keep egos out of the cross hairs of the Law. Cue the Disallowed salesman (JB, in case you're wondering) going underground, the 4CE departure etc etc What's next?

Are we going to see the Quarterly's today? On form it will be Monday at best eh? CoSec and CFO (Pitcher) has "over 30 years' experience in a variety of accounting, financial and commercial roles." - well, it's on your head to get this information published.

I'm curious now the DRC deal is a duster, who were the parties discussing debt and equity funding in China and Europe? Also, what is Richard Lloyd's role now the Cobalt strategy failed?

IMHO, this will unfortunately go into Administration whilst suspended to protect the BOD...

Cheers,
TC.

Expand

If we are insolvent and haven't told the market , what are the consequences for management?
Cant wait to open Pandoras box and look inside.
Tick tock , Tick tick.

WFE Price at posting: 2.4¢ Sentiment: None Disclosure: Held
11 Upvote

0 Great analysis

Reply

Top Stories

OCC

Orthocell wins first international approval for nerve repair product

TMK

TMK Energy kicks off drilling for new pilot wells in Mongolia's vastly underexplored Gobi

DRO

Droneshield shares move up on $13.5M US govt contract

LMS

Litchfield boosts its copper, base and precious metals footprint in the NT with acquisitions

WAF

West African Res jumps on claim mine safe under Burkina Faso's junta; HotCopper ponders Russia

There are more pages in this discussion • 41 more messages in this thread...

First 689 Last

Add WFE (ASX) to my watchlist

If we are insolvent and haven't told the market , what are the...

Top Stories

Orthocell wins first international approval for nerve repair product

TMK Energy kicks off drilling for new pilot wells in Mongolia's vastly underexplored Gobi

Droneshield shares move up on $13.5M US govt contract

Litchfield boosts its copper, base and precious metals footprint in the NT with acquisitions

West African Res jumps on claim mine safe under Burkina Faso's junta; HotCopper ponders Russia

Featured News