AR lodged today (late) and they have an audit qualification as they were unable to get sufficient audit evidence for its 60% owned subsidiary Sinol, the Kalimantan zircon trader.
Just about says it all about this board. Utterly incredible that a board of an ASX listed company cannot get an audit finalised by 3 months after the end of the financial year. It has only two subsidiaries and they cannot get it done. Many other juniors have heaps of subs, yet they manage to have things sufficiently under control to get things done. Not this mob.
More concerning is what financial controls they implemented over this subsidiary and if they cannot get this one right how in the hell they are going to get things sorted as they crank up Kalimantan.
The MD's covering letter suggests that Sinol's contibution to the group is not significant, yet the the auditors believe the material balances of Sinol included in Group accounts, which they have have been unable to obtain sufficient audit evidence (including a mere $920,824 of revenue) are such that the audit must be qualified.
I suppose when compared to the amount of money OLY has burnt through in the past 12 months this is a mere pittance.
The non exec directors have sucked out $387k in fees (at least down from $488k last year) . You would think that for that kind of money, things would be run a whole lot better.
AbysMal.
OLY Price at posting:
0.0¢ Sentiment: None Disclosure: Held
