Thanks for that BB - good to see the NZX are diligent in engaging with the company first unlike our Oz mates.
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This is NZ. The Financials came out approx two hours before closing for the public New Year holiday.
The ASX had time to run the ruler over the Regulatory listing rules, identify the breaches and act as per the ASX listing rules.
Im picking that when the NZX turn up to work on Monday they will make a decision before market opening. If listing rules have been broken then they will act accordingly.
Unless NTL beat them to the gun and release the Capital Raise announcement and docs before opening.
ASX is just doing it's job. It's not an emotive decision.
Fair enough.
But it still begs the question if the directors should have notified the exchange earlier.
I bet Michael Stiassny is pleased to be well clear of all this. I also bet that the director that made the $300K loan had made it secured.
Actually the ASX has done exactly the right thing as trades done if a company is considered insolvent would not only put the trades in jeopardy, the directors in jeopardy and the exchange for allowing it.
Suspend first, then send a please explain to the directors. I assume this is what the NZX has done and as Baa_Baa says we should no prior to the open on Monday.
Why? it's not at all uncommon for listed companies to file Reports with 'going concern' uncertainty in the Auditors report, and not notify the Exchange. Arguably filing the Report is notifying.
Stiassny is still a company Director. Have a read of the Report. https://api.nzx.com/public/announcem...627-421713.pdf
Richard Bacon provided the $300k loan unsecured. https://api.nzx.com/public/announcem...034-419894.pdf
The company is not insolvent, it has 'going concern' issues called out by the zAuditor and published in the Report
T H, looks like its catch up with ASX time now !! not a good look for the NZX that they have to take direction from the ASX !!
https://www.nzx.com/announcements/433696
NZ RegCo has approved a trading halt application from New Talisman Gold Mines Limited (“NTL”). Trading in NTL ordinary shares was halted before market open today, Monday, 1 July 2024.
Attached is the trading halt application, for further information.
Please contact NZX Product Operations on +64 4 496 2853 or productoperations@nzx.com with any queries.
https://api.nzx.com/public/announcem...696-421792.pdf
Reasons for trading halt: On 27 June 2024, the ASX suspended quotation of theCompany’s securities following release of the Company’s annual report, as the audit reportcontained in that annual report included a disclaimer of opinion. ASX noted that thesuspension will continue until the Company is able to demonstrate compliance with ASXListing Rule 12.2, relating to the financial condition of the Company. The Company wishesto halt trading of its securities on the NZX Main Board pending further consideration by theBoard of the steps necessary to demonstrate compliance with ASX Listing Rule 12.2. andthe potential implications for NTL’s intended Capital Raise.