Second Creditors meeting was delayed until 12 December. Report to Creditors meeting is available on the KordaMentha web-site.
Since I criticised at times the valuation assumptions used by APB for biological assets, it was good to see that there may be a bit of heat being applied to former management over them... from page 21 of the latest administrators report:
"We note that the estimated realisable value of inventory substantially decreases the value attributed to biological assets comprising seeded and unseeded pearl oysters. We believe that this asset was significantly overvalued at all times. We note that in splitting the value between current and non-current that the Company never achieved sales anywhere near the carrying current value of biological stock. The book value of biological assets was calculated according to AASB 141 and attempted to place a net present value on the pearl oysters. We have sought an opinion as to whether the company correctly interpreted the AASB 141, and whether the methodology and assumptions used were reasonable."
It is unclear what the outcome of the 2nd meeting was, but shareholders look most likely to see a DOCA and backdoor listing via the APB shell, so may get a few $'s back that way.
APB Price at posting:
1.0¢ Sentiment: None Disclosure: Not Held
