Ann: Annual Statutory Accounts, page-14

Interesting reading. It's almost as if the Oakajee fiasco did not occur....

From the Directors Report -

"SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
In the opinion of the directors, there were no significant changes in the state of affairs of the consolidated entity that occurred during the financial year under review not otherwise disclosed in this report or in the financial report.
EVENTS SUBSEQUENT TO REPORTING DATE
No matters or circumstances have arisen, since the end of the financial year, which significantly affected, or may significantly affect, the operations of the company, the results of those operations, or the state of affairs of the company in subsequent financial years, other than as outlined in the company review which is contained in this Financial Statements."


So no mention of any pending litigation, not even any contingent liabilities for 'expected' litigation.

The auditors note to the financials was always going to be there....

It's clear they are 'battening down the hatches' to get over the 12 month impost by ASIC so to raise capital afterwards. A few 'promising' announcements re potential negotiations with China/Korea/anywhere, and with a bit of upward sp movement they should be able to get away a small cap raising/placement maybe prior to 30 June next year.

Certainly still bottom draw stuff but they may yet survive. The agm towards years end should be very interesting.......

Good luck to the holders who have held through this year.

Cheers,
Mac



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