Yes, but being suspended may be a far better fix for the moment. So far UXA have not responded but that is not unusual in these circumstances, however, this type of suspension can go on for several months.
UXA should continue trading in the same way if Lind continue supplying the installments that were part of the loan agreement. If not, that is the end of the ball game unfortunately.
The reason more often is failure of the auditors to sign off the accounts. That is usually due to a company failing to answer questions satisfactorily or provide proof that the satisfactory answers given are correct, in due time.
If all goes well I expect a reverse split of 1 share for every 20 [the same as Republic Gold RAU].
I hope UXA give up drilling on their own account and leave everything to Straights Resources in South Australia; sell their 51% interest in the JV with RIL Australia in return for royalties or/and cash; give up all drilling plans in the JV with Teck; give up all interests in The Canning Basin; and sell 49% of GAA Wireline.
These are tough times and tough decisions have to be made.
UXA Price at posting:
0.2¢ Sentiment: None Disclosure: Held
