In summary. The auditors have to sign off the accounts that are prepared under regulatory accounting practice.
The asset valuations model that these accounts were prepared on were based on the company being solvent.
The auditors want these assets valued at market disposable value. Hence, the current delay.
in order for the auditors (remember that they were just appointed late last year) to sign off, it would probably take a guarantee of some kind of cash injection to cover the Government tax liability.
So, the ball is probably back in the RAN Boards court with an expected time frame to be resolved from the auditor.
Ann: Delay in Lodgment of Appendix 4E & Preliminary Results, page-3
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