PET 0.00% 2.5¢ phoslock environmental technologies limited

So where is PET's preliminary annual report ??? It was due...

  1. 662 Posts.
    lightbulb Created with Sketch. 421
    So where is PET's preliminary annual report ??? It was due yesterday.
    It's been over a month since the new board took over and still not a word from them about the current state of things or their plans. I thought they were voted in because of their excellent corporate management, financial expertise and analysis abilities ??
    I guess they're busy nutting things out with AKP.

    AKP delivered their preliminary annual report last night.
    ASX immediately suspended them this morning.
    The company prepared their report on a "going concern" basis in spite of stating "it is anticipated that the available net working capital will be consumed during April 2024".
    They said their opinion of the "going concern" basis was dependant on a number of things, one of which was -
    "The ability of the company to secure additional funding of between $3,000,000 and $6,000,000" presumably within 30 days.
    They say this may come from existing or new shareholders or "This may be through the issue of additional convertible notes or other debt financing".

    Their accounts are still being audited but the auditor has indicated to them that they will include a modification or dislaimer of opinion in respect of "going concern". They state that they have not been able to find sufficient audit evidence to support the companys opinion that the company is a going concern.

    So..... is Uncle Fred about to raid PETs bank account to keep his dream alive ??



    Last edited by Shortblack: 01/03/24
 
watchlist Created with Sketch. Add PET (ASX) to my watchlist
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.