A diamond in the rough $, page-75

OK. Got it now, in ASX announcement of 25th October.

8. The Company will discuss the question of what further information its current auditors require to enable them to issue an unqualified audit opinion on the loan balance.


Because the auditors don't have access to AXIS accounts, I can't see how they could be satisfied enough to issue an unqualified audit opinion. That's important, because if AXIS are not liquid with the $15 million or so owing to MED then that means the cash has been output by AXIS to other entities or persons. How could MED's auditors be expected to audit those other entities or persons?

No wonder six weeks have now passed without a resolution and the lifting of the suspension.

It is extraordinary that this loan was made in the first place. Perhaps the best solution to the dilemma is for AXIS to pay back MED's loan now, and live off the payments that MED makes to AXIS for its services in the ordinary course of business.

That shouldn't be impossible to arrange, because MED and AXIS sit at adjacent desks in the same office.