GCN have not addressed the issue of the delay in the annual...

GCN have not addressed the issue of the delay in the annual report to the wider market, but it is my understanding that most shareholders on the company's email register received an explanation from the company via email today.

The reason provided was that the auditors wanted to book the $40.5M of Priority One shares distributed to qualifying GCN shareholders as revenue for the 2011/2012 year.

Auditors seem to think that if there was a distribution, it
must be a dividend, and if a dividend, it must be an income to GoConnect.

These Priority One shares never entered GCN's books and were distributed directly by Priority One to certain qualified and not all GoConnect shareholders.

Again, this is just the explanation received via email today from GCN. Hopefully GCN will explain this to the wider market so they do not simply assume GCN have missed yet another deadline.