What a sad sad read and this on the back of the previous two uninspiring Annual Reports - Déjà vu!!! The never ending story is all but, the excessive wages should have been stopped by the shareholders years ago – way above the industry average considering their performances and delivery. No good at all.
One would have thought that the forfeiture action on the tenements would have made the “Matters subsequent to the end of the financial year” section. How could this be not material and why have the auditors not commented of the forfeitures? Do they know?
The forfeiture actions on the tenements may most likely be a cause of the I-World agreement being suspended without a 1st $800,000 or $500,000 weekly instalment payment being paid until the forfeiture action is resolved. Perhaps this is the straw that broke the camels back and not the load of debt.
Highly unlikely that the ASX or ASIC will allow the Company to be relisted with the current and ongoing forfeiture, legal proceedings, debt, management and funding issues. No investor and shareholder should pass on their hard earned whilst these issues are fertile and also should be protected by the authorities. DYOR.
All this and now the iron ore price is US$75t.
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