What I find amazing is that there is no disclosure in the company's financial statements, PDS on IPO or otherwise (as far as I can see) that makes statements regarding restrictions on cash and the risks those of us posting on here have outlined. It seems plain to see that there are hoops to jump through to extract cash, but nonetheless a complete absence of disclosure in their annual report or otherwise.....
Would seem either plain ignorance or conduct that is somewhat misleading. It is for the same reasons why I would like to know whether the Australian auditors have actually visited the factory and seen their operations and processes and some of the in-country distributor stores to verify that that the money paid has been spent on what has been suggested. I would also want to know that it is the Australian lead auditor that has visited not some local firm that reports to the Australian firm and then the Aussie firm just reviews a few work papers and has a couple of nice chats to try and meet their obligations under the applicable framework. In fact if it isn't already being done, as a shareholder I would be happy to pay an extra fee of a few hundred thousand dollars (out of the decent profits we're earning) to ensure such procedures are carried out and the results of which incorporated into the auditors report, for which they should disclose in the new long form audit report required. I can't attend the AGM due to proximity but it would be great if someone could put such questions to both the company and where related to the conduct of the audit, the auditor...
