Time to put the question out the the Director charged with compliance and get us relisted.
To: [email protected] Subject: Legal Proceedings by NDIC Oil & Gas Division
Mr. Ong,
Would you be able to explain why, the Quarterly Report released to the ASX for both September and December 2019 there is no mention of the Legal Proceedings brought about by North Dakota Industrial Commission Oil & Gas Division, yet in the 10Q filed with the Securities and Exchange Commission (SEC) on the 14th of November, 2019, nder the heading of Legal Proceedings notes the following" "...cannot reasonably estimate the amount of any potential penalties or fees that may be assessed against us at September 30, 2019, therefore, no accrual for potential contingent liabilities have been included in our financial statements. Any amount assessed against us, however, is likely to be significant and, once assessed, could cause the Lender to declare an event of default and foreclose ..."
This seems to me to be an undisclosed material risk to ASX shareholders and while Samson is not currently trading on the ASX, nor does it ever seem likely to again given its history of covenant breaches and negative shareholder equity such risks should be disclosed.
I look forward to your response.
XXXX Utterly Disgusted Shareholder
SSN Price at posting:
1.5¢ Sentiment: None Disclosure: Held
