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Laine

316 Posts.

114

12/03/20

19:31

Post #: 43458223
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Originally posted by TheCount: ↑

The ONLY reason this company is in "voluntary" suspension is because it has failed and continues to fail the continuous disclosure rules. Please note these are not capitalised words and are dichotomous inferences towards informing Shareholders/Owners and the ASX/Public.

You see, whilst in suspension, certain rules are lax, delayed, even waived and the most important of all is the Director responsibility of keeping Shareholders notified of matters pertinent to the ongoing or future success of the business. The intentional failure to report 2018 financials is reprehensible and merely the tip of the iceberg. Anyone have a valid reason why the Auditors wouldn't sign? They will not sign unless they've been paid, and I feel this is the most likely scenario now.

The constant line of "awaiting signature" is the biggest joke you could imagine. We've seen multiple announcements on their imminent release - one day its awaiting the Auditors, the next its Directors AND Auditors, then again just awaiting the Auditors comment on a legal matter that has nothing to do with them. Sorry BOD, that's plain BS. I've raised enough questions in the recent Cash Flow announcement to drive a Cobalt-carrying 797B through and it's no wonder the Directors are scared of the full financials being released. Cash Flow statements don't need Auditor sign off hence we have these but not formal financials. I'm waiting for the excuses that cash is cash and financials are accrual blah blah .. ..

I get the feeling there's more at play than what people are thinking about. The one sure-fire way to avoid scrutiny is to allow the company to delist, dissolve, and disappear without having to lodge anything. Rats and a sinking ship come to mind. The process to dissolve and phoenix the Company won't divulge the true state of the entity as only those involved in the creditors trust etc etc have access to financials so they can see what is left for potential distribution. Employees entitlements are covered by good 'ol taxpayer, screw the rest as there's no money. Leading creditors can bid for the shell before it reverts to the public process and if the numbers stack up, congratulations you're the new owner of a clean ASX entity, just pay the listing fees, issue a truck load of 0.001 shares to yourself and your buddies (for all your hard work of course), perform the ultimate up yours to existing owners with a 1-1000 consolidation and away you go!!! Anyone can see that buying an ASX listed shell for $250k creditors plus a sweetener is a cobalt-load less than the open market. Along the way just make sure you sell some of those free shares to help you fund future activities..... Always insist on Top20 reports on a regular basis to see whom the culprits are.

My read of the situation hasn't changed since posting a few weeks ago and additional information from other HC Members only serves to dig a deeper hole. The phone has been disconnected - gone, nada, no more comment. I just called again to confirm. That does not sound like an entity that is looking to come back. They possibly couldn't pay the bill so they were cut off - who knows.

Just as a reminder, these are the people responsible for you losing money on this venture:-

Jason Brewer - Chairman
Thomas Durr - Non Executive (now resigned)
Michael Fry - Non Executive (now resigned)
Mike Pitcher - Company Secretary
Richard Lloyd - Non Executive

TC.

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finally some commonsense,

WFE Price at posting: 2.4¢ Sentiment: None Disclosure: Held
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0 Great analysis

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