Slippy,
There area number of reasons i suppose for not having the financials completed by a due date, in the case of CDU this could be / would be one of the following;
1. Auditors refuse to sign off based on data provided.
2. Auditors believe the company maybe trading whilst insolvent.
3. Company personnel withholding paperwork and not providing to auditors.
4. Auditors have found some spurious transactions that need explaining.
5. Payments that may have been paid to related parties and under auditor investigations.
6.loans made to the company that may not have been disclosed.
7. Creditors outweigh cash position.
A financial statement is pretty well automated if all the information & transactions have been inserted into the system. There is not a single believable reason why they are not producing if not for one of the above reasons. Since they have the “magical Bruno” back to weave his special skills of illusion so the smoke can clear and allow the mirrors to reflect. My guess is the Chinese need to deliver some more cash in the bucket. This day will come soon i believe. Certainly not going to survive under current management.
Anyhooo, the current little ceo has cleverly convinced the board he can run a mine it seems [watch this space]. Chinese have lost face on this.
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