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35.5¢ dshe holdings limited

Should also consider that at present, with Receivers in control...

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bensterz

1,787 Posts.

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22/02/16

11:19

Post #: 17080715
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Originally posted by bensterz ↑

Having personally researched and drafted such applications before when working in insolvency I am fairly confident McGrathNicol will gain an exemption from ever having to lodge the 1H16 and FY16 results.

This would likely be on the basis that shareholders have no economic interest in the company (i.e. no returns to shareholders) and the prohibitive costs of undertaking the audits (FY15 cost close to $400k, would likely be more given the audits would not be done on a going concern basis reducing efficiencies and increasing costs).

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Should also consider that at present, with Receivers in control and no indemnities for costs, McGrathNicol are doing the VA without any funding (i.e. doing it with their own working capital) so this would assist in arguing the costs of preparing and lodging financial reports are prohibitive.

DSH Price at posting: 35.5¢ Sentiment: None Disclosure: Not Held
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