Ann: Suspension from Official Quotation, page-90

Hi all, in the interests of disclosure i am a long time member and observer/reader of hot copper and this is my first post and I am posting as I have actually spoken to Adrian today about this situation.

from my interpretation of what he said and i am no expert so please cut me some slack, the suspension situation has nothing to do with the the company management not being competent enough to get a financial report out on time, he remains upbeat about the foreseeable future.

The hold up relates to ongoing work by an independent specialist in Australian accounting standards who is specifically looking into standard AASB132 and apparently it relates to testing what is debt and what is equity in relation to the Obsidian Global loans. From what i gather its a very specialised area of accounting standards and those qualified to do it dont grow on trees so it can take time to get a ruling. So as a result it seems like they have to wait until the independent specialist completes his or her work before the auditors of the financials can sign off and release the annual report to the market. Basically it’s a temporary hold up.