Ann: Process for reinstatement to quotation and SPP, page-3

The trainline may be restored but this company is an absolute trainwreck. Serious questions need to be asked.
1) Just six days ago in its Company Update they say that "Elmore has every expectation of lodging its Quarterly Report on or by 31 January 2024."
Why hasn't this occurred? Are they avoiding telling the market the true cash position of the Company.
2) How can the Board put a major capital restructure, months in the making. to shareholders on the 15th January 2024 and then turn around 8 days later and advise that unless rail services recommence within 2 weeks and the SPP is fully subscribed then Elmore will be in a precarious financial position? Why was there not greater financial contingency/leeway built into the restructure? IMO - the SPP is/was never going to be fully subscribed.
3) Was the proforma Statement of Financial Position in the Prospectus issued on 20 December 2023 misleading? It showed the Company having cash funds following the capital restructure of $17m (not exactly precarious). The financial information was by then almost 6 months old and obviously not a reflection of the Company's actual financial position at the time that the Prospectus was issued. The Directors signed off on these figures.
4) Did the Company not speak to the ASX about its reinstatement conditions before the Prospectus was issued and the shareholder meeting called?
The so-called "ASX Additional Requirements" referenced in last week's update are hardly surprising.
For people's information - Listing Rule 12.2 requires "An entity's financial condition (including operating results) must, in ASX's opinion, be adequate
to warrant the continued quotation of its securities and its continued listing." This is hardly unreasonable and should have been expected following the restructure.

It is hard to believe....