the auditors report included the following" Because of this and...

the auditors report included the following

" Because of this and the matters referred to in note 2(d), there is MATERIAL UNCERTAINTY which may cast significant doubt regarding the ability of the Company to continue as a going concern " (note watso used the caps)

.............

who does the company employ to check the documents

the last section 3 notice showed that the company had 197m shares on march 27. but in the annual report it is 200m... the annual report, under the heading of "substantial shareholder" has belatrix as substantial holder, with 7.73% of the capital - but then immediately shows the holder in the top 20 list with only 3.99% of the shares???

mr darryl john peasnell appears to the 7th and 9th largest shareholder. is this the same person???? then the combined holding is 5.9%... which makes him a substantial shareholder and subject to him declaring himself as such

watso was interested in the top 10, because in december last year, there were some very large sales, that could have only come from holders in the top 10. certainly the top 10 is dynamic. watso made a post at the time, suggesting that a few of the top ten were bailing out - yet most of the top 10 are still there. in 5 trading days, 13m shares were traded (these were post consolidated shares, and before the issue of all the shares at 1c) .

watso has some ideas, but maybe it is possible that these top 10 holders got the nod to sell - knowing that they could have those shares replaced by participating in the shortfall. sheer conjecture of course

the two major shareholders did not lodge any relevant documentation, so they did not do the selling - but this is the position of other top holders, compared to one year ago. for the shareholding one year ago, watso has allowed for the consolidation, the bonus issue, and assumed that they had taken up the issue of one new share at 1c

mr hazan then 4.75m now 7m
ubs....................3.0m .............2m
finscan...............2.87m.............7.5m
international bus 2.4m.............. 6m
loxden................2.25m............ 3.25m
mainstream........1.94m..............2.5m

cazaly, obviously did not participate in the issue, and may, or may not, still hold shares

the "then" holding of the above, totalled 17m - but this is after allowing for the 1 for 1 issue. ignoring the 1 for 1 issue, the holdings would be 8.5m - yet the large sales (13m), simply had to have come from some of these holders. they now hold a bit over 20m shares



not sure what it means, but to watso it seems strange. an examination of the movements in the relevant shareholdings would be interesting