From
https://www.phoslock.com.au/site/Investors/agm/general-shareholder-questionsWhen will PET recommence trading on the ASX?
Answer
"The Company must navigate a number of steps prior to trading recommencing. These include the
issuing of the half year accounts to 30 June 2021 and the related auditor’s opinion. Our objective is to see PET shares trading as soon as possible and we continue to liaise closely with the relevant regulators on this matter. We will keep shareholders updated on the process and on progress at regular intervals."
Why can they not get relisted? OR really what matters - is the onus on the company to get its accounts in order? This auditor problem is overwhelming. It is not about fraud but the inability for transactions (fraud and non-fraud) to abe accepted by the Auditor. ASIC has nothing to do with this ATM as time is on the company's side. The only question that SH should really be seeking answers to is why has one auditor failed to sign-off on the accounts and what PET is doing to to get that sign-off. This has to be explored by SH more than anything else. It is the now.
The out-going Chairman's Address to Shareholders was void as to the Q of accounts and big on finding the fraud. What a distraction and is why SH have no answers re listing. The nearest hint is the need to submit the June Accounts but I'm not sure that the previous accounts are acceptable for June's to be tacked on.
Then I looked at the MD/CEO Address to Shareholders on p5. "Before handing back to the Chairman,
I would like to comment on our ASX trading status. Our objective is to resume trading as soon as possible, but it is important for shareholders to understand that this will take some time.
The auditors’ opinion on our 30 June accounts for 2020 and our full year accounts in the 2020 year is one of the matters that will impact on that timing - and there are other steps that we are continuing to address."
I have never read a more contradictory Auditor's report of a company than PET's early this year. Besides the fraud (and from my memory) it noted the uncertainty of many accounting transactions (non-fraud) that should not be included in the accounts. It seems that this dragging on is due to substantial failure of the accounts and contradicts the current standing of PET's management.
Only a proper cleaning of accounts with write-offs of the unacceptable (so managment loses face and resign on mass) provide a reset for auditor sign-off. For this reset, the executive and BOD must all be changed. Until this happens the ducking and weaving will not stop. Their hope is for it to be swept under the mat. The lardest shareholders need to cleanse the BOD of themselves and management. The buck should clearly stop there.
(20min delay)