That's all very well .....and we can now gather around and sing ' kumbaya ' . But I'll tell you a little story which I believe directly relates to most intelligible Investors who may or may not have been around the traps a least a little while longer than even the age of Adrian.
Many years ago I was the Financial Controller and then CFO of a medium size business with turnovers which grew rapidly from starting revenues of A$7- 8 million , up to $20 - $30 million in less than 3 years. This company had ' mega ' large contracts with what you would consider today as significantly large ' Blue Chip ' Top 50 Australian Companies , the company became profitable as the revenues grew , and the appropriate appointments were made including myself , and key person Sales and Engineering personnel .
This Company had Austrade Export Award recognition , as well as significant Grant and Finance. There were Joint Ventures , 2 significant Australian Operations , and significant ' Propriety ' licenced Engineering Technology which was second to none in the Austral Asian region and outside of ONLY the United States.
Long and short of the story is that as the CFO , I took this previously held private Company right through to it's IPO ASX listing , and to the first two acquisitions which were made from the proceeds raised in the float. After this had been finalised, I Ieft the company after 6 years tenure on a fantastic wicket including top salary and fancy sports car to take up a bigger and higher profile position with a Multi National Company.
Bottom line, and despite some of the smartest engineering minds in the southern hemisphere being onboard this company together with a great finance candidate in the handover PLUS a Company who arguably had a dominant position in one of Australia's leading Industries at the time.........went BUST less than 3 years after listing.
So mate .....NOTHING is assured in this business as an Investor least of all MATTERS potentially arising from a lengthy suspension. A suspension which could otherwise be avoided by following a relatively simple process of getting your Final Accounts and Annual Report signed off. And this is especially concerning the level of awareness of being afforded what amounts to a gratuitous extension allowed by ASIC and the Corporations Law ...and provided you only follow the simple guidelines laid out for you at the beginning of ALL these COVID-19 corporate assistance initiatives.
And if that was me way back then in the day , I would have had that request into the ASX within 5 days of submitting the 4 E Preliminary Final Report. It's that simple....and unfortunately I agree that it does not inspire great confidence in their abilities as some have said. Because even with the right people .....you can still go broke. So I personally would not take for granted anything. Nor would I make any apologies for my concerns and / or preparations in defending my Investment in any ASX listed Company.....because I have seen and experienced just about everything there has been on offer in regards what can happen when things go terribly wrong. And I trust no one.
(20min delay)