As we all know, it is very difficult to get any information out of KKL. Out of frustration, I contacted the ASX to see if they would at least let us know what is happening with the KKL Suspension, now 16 months. I got a reply today and will summarize for you all. Here is the Announcement. Currently Kollakorn is suspended under ASX Listing Rule 17.3, due to the modified opinion in its Audited Accounts. ASX will not reinstate to quotation the Securities of a suspended entity, whilst it has a modified Audit opinion on its Accounts, as this raises concerns under ASX Listing Rule 12.2, which requires that a listed entity has an adequate financial condition. Even if KKL were able to remedy the above and obtain a clean audit opinion, it would likely need to demonstrate to ASX that it satisfies ASX Listing Rule12.1, which requires that the level of an Entities operations are sufficient to warrent its continued quotation. There are a number of items which must be satisfied by KKL, before its Securities can be reinstated to quotation. Should there be progress on these items, then it will be the subject of an Announcement distributed via the Market Announcements Platform at an appropriate time. Hope this helps Long Suffering Shareholders to know what is going on.
KKL Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
