Ann: Suspension from Official Quotation, page-69

ASX-listed defence business Electro Optic Systems is burning the midnight oil to pin down its working capital facility, while working through cost-cutting measures and a potential US restructure in the background.Chief of Army Lieutenant General Peter Leahy (right) is farewelled from service in 2008. Leahy is now EOS’s chair. Andrew TaylorEOS copped a suspension from the ASX on Thursday, for failing to file its full-year accounts by the August 31 deadline.Its backers reckon the public shame of suspension was an embarrassment that could have been avoided - lock down the facility and the accounts could be lodged and signed.Street Talk also stumbled on talk about EOS tightening its belt including plans to scale back its staff, especially in the United States, to the tune of 200 people out of 380 odd.On Thursday night, one source said another US restructuring firm, Province, was circling, tinkering with the US business and even trying to find a new potential owner.
EOS chair Peter Leahy declined to comment on the workforce reduction on Thursday.A spokesperson didn’t respond to questions about the US restructuring, sale, and job cuts.EOS has been great with winning government contracts and has landed on radar of institutional investors like Washington H Soul Pattison, which owns about 6.21 per cent of the company.Its weakness has been the massive SpaceLink project, which history will say was too ambitious for the ASX-listed microcap.EOS, having topped up in late June, had $13.8 million cash at June 30, which would have been about five quarters of cash based on the $3.5 million odd cash it used in operating activities in the June quarter.