Ann: Request for Suspension Extension, page-57

This is a debacle, and I don't think PNC will be the only one with questions to answer. I don't understand how PNC can update the market on the 1st August with:

"Pioneer's auditor fully informed

PwC, Pioneer’s auditor, has been fully informed of Pioneer’s dialogue with the Regulator, the opinion sought and considered from Senior Counsel and the process and method for adopting the Amortised Cost classification and measurement developed in consultation with Deloitte. Pioneer expects its annual financial statements to 30 June 2019 to be approved and issued with a clean audit opinion by its auditor for release on 27 August 2019."

Everyone (PWC, Deloitte, ASIC, Lawyers) seemed to know what was going on leading up to the August 1 announcement, and obviously PNC were under the impression at the time of the announcement that everyone was on the same page and that the results could be released late August. How could it all get so messed up?

It seems that PNC have relied on the guidance of others and have been let down by that guidance at the eleventh hour.

On the AFR article today, I'd like to see some kind of response from PNC. Sensationalist headlines like PNC being in a "Death Spiral" when only limited facts are known is a joke. I'd like to see the company come out and comfirm that these issues will not affect its ability to operate as a going concern, if that is the case otherwise people will continue to speculate. I know we have issues with one of the lenders, but surely they are workable and this change in accounting methodology won't turn a once profitable company into a basket case.