"He seems ignorant of the fact the companies shares would be suspended on 1st March if the accounts were not released on 28th February., viz. it is not possible for condition (b) to come into effect."
Not necessarily. The email to the ASX relates to requested trading halt (max period two days). They would have been aware that if no audited financials available by 1 March then suspension commences.
Current situation may be by design - with accounts prepared (at this stage) on basis that they are known not to be acceptable to auditor.
As holders of SGH found out, intangibles need to be revalued - and supported by expected future cash flows - even if they are considered to have an indefinite lifetime.
Most of RFG's assets are intangible - so any large impairment would mean it is better to square the lenders off first - before the results are published. Would be much better announcing a bad result if you can also say that there is continuing support from lenders.
RFG Price at posting:
$2.04 Sentiment: Sell Disclosure: Not Held
