Originally posted by kpt3891
Pretty clear that ASX / ASIC is probing them and Merlin taking their time. Could be in relation to numerous matters but my guess is either
- Unacceptable circumstances in relation to the associations between directors and shareholders of Merlin in connection with the issue of convertible notes and options. Similar to 2016 review by ASIC
- Investigation into AXIS loan arrangement
- Composition of the board
Should help to protect shareholders from a free for all in the hands of the Gutnick family.
The fact that both ASX and Merlin have not provided further clarity to shareholders as to why suspension remains is very poor on both parties.
Could also have something to do with this!
"Material uncertainty related to going concernWe draw attention to Note 1 to the financial report, which notes net operating cash outflows of $2,876,298 and a negativeworking capital position of $4,829,228 for the year ended 30 June 2018. These conditions, along with other matters set forth inNote 1, indicate the existence of a material uncertainty which may cast significant doubt about the Group’s ability to continueas a going concern and therefore, the Group may be unable to realise its assets and discharge its liabilities in the normalcourse of business, and at the amounts stated in the financial report. Our report has not been modified in relation to thismatter."
