PDF (ASX) Ann: Annual Report to shareholders

Originally posted by Purpose ↑

Having mentioned a future raising/funding in the 2018 annual report which hand an end date of June 2018 requires the company to now produce the September quarterly, which has a deadline of today.

Failure to provide the quarterly will once again put the company in breach of the listing rules.

Shareholders should review two previous company announcements `market updates` referring to funding and farm purchases.
1/ Market update 24/02/2016, A funding offer received!!!!
2/ Market update 1/05/2016 , To immediately proceed to purchase the first two farms.

There has been plenty of funding commentary since then regarding imminent funding and a $150 million bond raising. Now there is NO mention of any funding outside of a promissory note from a company with a $2 capitalisation that the company itself admits in the annual report is a related party of the company..

The funds now mentioned and promised appear to be required to save the company from being insolvent and the company makes a claim that these funds would be required to be repaid within forty eight hours of the boards removal. Such foresight.. Why couldn`t they see the current mess they were going to create years ago, with such insecurity of there position..

Any set of directors who believe that a 48 hour demand would stand up in court should not be in a public company position as it suggests the company is trading insolvently and it invites the companies creditors to now seek immediate payment for their accounts, and failing that they could issue a winding up notice.

Creditors are above the amount of the promissory note according to financials at the end of June and with the majority of the company costs being human operating costs, it reasonable to assume that another $165,000 of creditor/debt obligations has been added since June on a pro rata rate.

All of this with $4,500 of income over the last 2 years.

Of note is that the directors have either chosen or were unable to obtain Directors insurance. Trading while insolvent then creates a very real personal risk.

Anyone who is confident that any promise of funds will materialise just because it has appeared in print should go back and add up the number of times were have all heard that song before and what happened...
Nothing, except for another promise of funding is so close.............just trust us..... Yeh right...

A public company succeeds for its shareholders by generating income, not making endless promises that it fails to keep.

Expand

Hi @Purpose, re: “Now there is NO mention of any funding outside of a promissory note from a company with a $2 capitalisation that the company itself admits in the annual report is a related party of the company..”

I missed that bit, did it state how and why it’s a related party? What page?

ACW

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Ann: Annual Report to shareholders, page-9

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