Is it ready to go bust? Jeez with twice as much debt to assets I thought it already had. But City Pac says they are able to continue as a going concern, the auditors query that. They are at risk of losing the RE rights to the Mortgage Fund via the meeting in June or alternatively IF ASIC chooses to intervene (City Pac are currently in breach of their AFS licence due to the net asset position). ASIC hasn't intervened so far but definitely are aware of the situation.
Go to announcements and read the accounts - then decide.
Nic (Hold units in the FMF)
CIY Price at posting:
3.8¢ Sentiment: Sell Disclosure: Not Held
