As they disposed of their main undertaking last November :
On 27 November 2015, the Company announced that the disposal of Yilgarn had been completed.
As previously reported, a disposal by a listed entity of its main undertaking can also raise issues under Listing Rule 12.1 and 12.2, which oblige a listed entity to satisfy ASX on an ongoing basis that the level of its operations is sufficient, and its financial condition adequate, to warrant its continued listing and continued quotation of its securities.
The Company has been notified by ASX that they will afford the Company a period of six months from the disposal date to demonstrate to the ASX that it is compliant with listing rule 12.1. If the Company does not demonstrate compliance with this rule to the ASX’s satisfaction by the commencement of trade on 27 May 2016, ASX may suspend the Company’s securities from official quotation.
So why all of a sudden new directors and sub holders ? They have two months now to find a deal . It looks like the original sub holder was the road block IMO now their gone and new sub holders on board . In regards to cash, this could be in the same Announcement as an acquisition IMO . I have seen other shells Announce a rights issue along with an aqusition . But who knows in this game .
KIK Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
