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Hey SB, can you provide the exact reference for the pending...

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qeegbill

249 Posts.

77

21/05/24

20:31

Post #: 73942086
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Originally posted by Shortblack: ↑

Mmmmm about a capital raise...... there is no way in the wide, wide world that ASIC will allow them to issue offer documents for a capital raise and the company kows it even if you don't.

There's a number of reasons for this including - that the auditors refused to give any opinion on the companys last set of financial accounts (that in itself is damning) + the company has no way to prove that it is able to earn any income (no evidence provided to auditors or anyone else) + the company is suspended from trading + the company is soon to be prosecuted by ASIC (under the criminal code) for failing to hold its AGM on time (and yes if an extension of time had been granted they would have to disclose it).

BTW the company will remain suspended until it can provide a set of financials that an auditor will sign off on as well as proving that they will have a positive cashflow for the following 12 months.

They're insolvent and their screwed.

Hope this helps.

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Hey SB, can you provide the exact reference for the pending "criminal prosecution"? What might the repercussions be? The biggest consequence I can find is a fine of $6600, which is not really that significant in the context of current AKP expenses.

AKP Price at posting: $6.20 Sentiment: Buy Disclosure: Held
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