Ann: Information regarding suspension from Official Quotation, page-41

Looked at 2019 AR and PwC audit report was qualified as to Material Uncertainty Relating to Going Concern - which would have been expected this year also (and was based on the prelim fin report App 4E).

Last year the AR indicated there was enough cash to last 4 months - this year 5 months...

Also last year, in Note 2b, the directors specifically referred to potential future from a North American Bank and Visa.  PwC reference was: "In order to generate sufficient cash for at least the next 12 months the Group will need to secure the deal with the North American bank and other smaller scale customers, or raise additional capital."

BoA eventuated, but this year there is no specific reference to Visa - apart from a general reference to prospects and delays ("the Company has experienced delays in closing some ongoing negotiations with potential customers and partners. The Group has several revenue opportunities that it is actively progressing.")

Nevertheless, it is odd that PwC have taken the action to issue a disclaimer of opinion - which on the surface appears heavy-handed.  But last year they were obviously convinced opportunities existed to see cash holding out for the next 12 months.  PwC can't see that this year.

"Due to the level of uncertainty associated with forecasting the Group’s future cash flows, especially relating to the securing of new revenue opportunities, and the absence of formal and advanced capital raising activity, we were unable to obtain sufficient appropriate audit evidence to enable us to form an opinion as to whether the use of going concern assumption in the preparation of the consolidated financial statements is appropriate."

This indicates the revenue prospects and capital raising is less advanced than at the same time last year.

Worth reading 2019 AR.

Board needs to act pronto to convince PwC to change their opinion and re-issue the audit report and AR.  To do so it appears they need to convince PwC opportunities exist for, or forecasts indicate, sufficient cash arising to last out the next 12 months.