I have just spoken to the Managing Director on the phone who has filled me in on the situation with the suspension. As the company is an ASX listed company which operates in Chile, two sets of auditors (Chilean and Australian) have been appointed to sign off on the accounts. Condor has voluntarily appointed a Chilean auditor although this isn't required by law. However the company did this on their own accord to ensure that accounts were in place in both regions. Obviously this would take longer than a standard audit.
The other contributing factor is that the company has been working through the accounts so that they can capitalize all expenditure on assets. This is very important as the company is about to go into production and wants to be in the best tax position possible. To add to these factors, the company has also recently appointed a new company secretary, accountant and highly experienced CFO. According to the MD, this has reduced costs and also improved the quality of the financial systems / planning within the company. I was told that there a transitional process which also held things up somewhat.
Having said this, the company is coming out of suspension over the next two days so lets hope to see some good trading towards the end of the week
Hope this helps..
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DROR.
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