If NewSat believe that they have done nothing wrong then release the Lancaster report, Brendan Rudd's review and any other reviews to the ASX and shareholders.
Based on the various reports in the press it seems that a select few have access to these reports and information; make this information public. The ASX should be clear that if select information falls under ASX Disclosure Rules that has been discloed/leaked etc., then it needs to be disclosed. Else the Company should be suspended (this is of course no good for shareholders).
COME CLEAN ON WHAT'S GOING ON.
Why the ASX and ASIC aren't saying anything confuses me.
- Remember the slots held in "impertuity"?
- Remember the Cresta (related company to multiple Directors) marketing expenses that became loans?
- Remember the satellite launch dates consistently being changed?
- Remember the funding that was completed and then incomplete?
- Remember the profits that now are massive losses?
- Remember the cigars? the $10,000 dinners? the Eureka apartment for a non senior executive? the French champagne?
- Remember the "Going concern basis" of accounting reports that are now surrounded with "significant uncertainty"?
- Remember the "highly skilled exeutive management team" with excessive pay packets that have run this business into the ground, failed to deliver any new significant new agreements?
- Remember the executive salary cuts?
- Remember the 1/2 yearly report which didn't mention the two current claims being made by Ex sacked Employees?
- Remember Jabiru 4,5,6?
- Remember sales on Jabiru 2? - Remember Directors allowing Mr Ballintine in 2014 to receive a $1.1 million salary, a $1.2 million bonus and shares valued at $1 million; plus a loan (let's call it a loan for the purposes of creative accountants world wide) more than $900,000 AND then proceed to lead the company into the position it is today?
It seems Newsat (based on Going concern issues alone) can't deliver any certainty that this Company has a future and is scrambling to negotiate the breach of its loan conditions to the US and French export credit agencies. As we know and as this article states, if it can't renegotiate, NewSat would have to "realise its assets and extinguish its liabilities".
If more certaintly was delivered by Newsat to shareholders and investors alike there may be some hope that this company will survive and thrive.
Time for shareholders to be told the truth today, well before the end of March. Come clean, sort out the mess, clean out the trash, terminate those who needs to be terminated, report whoever needs to be reported to ASIC, release what should be released to the public and get on with it.
NWT Price at posting:
10.5¢ Sentiment: Sell Disclosure: Not Held
