The following enquiry has been sent to ASIC this morning. I will...

The following enquiry has been sent to ASIC this morning. I will post the reply in due course.

Regards................

NuSep (NSP) had queries raised by their auditors last year. As a result of those questions and other issues that I have with NuSep I would like to know if you would answer the following questions for me. My wife and I are shareholders in NuSep through our Super Fund.

1. Are there any outstanding issues from the original issues raised by the auditors, RSM Bird Cameron?

2. In the previous year management awarded themselves a 'bonus payment' because the company made a profit. The 2010 net profit after tax from continuing operations was $3,291,709. Two of the major items that 'made this profit' consisted of 'government grants' for $813,637 and 'gain on bargain purchase' (a book figure) of $2,952,487 - a total of $3,766,124.

Without these 2 extraneous items there would have been a trading loss of $474,415.

There was a substantial impairment of assets the following year that more than offset the 'value up' that occurred in 2010!

Should 'change in book values' and 'government grants' be considered as part of what is called 'profit after tax from continuing operations' and that then justifies a 'bonus payment'?

3. An announcement by NuSep on 14/8/12 was headlined 'NuSep Receives S$6m Investment in its Singapore Plasma Business'.

It then goes on to say that 'it had signed agreements with the Singapore based A-Bio Pharma.......for them to invest S$6m for 10% ........ this values PrIME at S$60m!

Is the announcement heading correct when it first says receives (means has it in hand) and then says signed agreements? This appears to be a conflicting and unclear atatement.

It would be appreciated if you would let me have a response to these questions as soon as practicable.

Regards