NTL - New Talisman Mine - New board & Directors

[Paint it Black]

Why the confusion? The Annual Report was released to NZX 27/6 at 15:06, and to ASX 27/6 at 3:13pm. The ASX suspension from quotation was not released until after ASX market close, at 27/6 8:31pm. NZX of course was also closed, and it was closed the day after on 28/6 for Matariki holiday.

There is nothing yet to suggest NTL will or will not be suspended on NZX as well. We should know that on Monday, before market opens if they are to be suspended on NZX.

In short, no shares in NTL have traded on ASX or NZX since the ASX suspension from quotation.

The Herald reported on Friday 4pm "An NZX spokesman said: “NZ RegCo has noted the suspension of trading in NTL’s shares on the ASX and is engaging with the company and relevant parties.”

Thanks for that BB - good to see the NZX are diligent in engaging with the company first unlike our Oz mates.

[Toddy]

Thanks for that BB - good to see the NZX are diligent in engaging with the company first unlike our Oz mates.

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.

[Daytr]

Why the confusion? The Annual Report was released to NZX 27/6 at 15:06, and to ASX 27/6 at 3:13pm. The ASX suspension from quotation was not released until after ASX market close, at 27/6 8:31pm. NZX of course was also closed, and it was closed the day after on 28/6 for Matariki holiday.

There is nothing yet to suggest NTL will or will not be suspended on NZX as well. We should know that on Monday, before market opens if they are to be suspended on NZX.

In short, no shares in NTL have traded on ASX or NZX since the ASX suspension from quotation.

The Herald reported on Friday 4pm "An NZX spokesman said: “NZ RegCo has noted the suspension of trading in NTL’s shares on the ASX and is engaging with the company and relevant parties.”

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.

Thanks for that BB - good to see the NZX are diligent in engaging with the company first unlike our Oz mates.

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.

[blackcap]

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.

Daytr,

The company is not insolvent and I am sure the Directors, Stiassny included, are quite aware of the rules around trading whilst insolvent.

I think you are conflating going concern (which has a 12 month timeframe) and solvency.

[Baa_Baa]

Fair enough.
But it still begs the question if the directors should have notified the exchange earlier.

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.

I bet Michael Stiassny is pleased to be well clear of all this.

Stiassny is still a company Director. Have a read of the Report. https://api.nzx.com/public/announcem...627-421713.pdf

I also bet that the director that made the $300K loan had made it secured.

Richard Bacon provided the $300k loan unsecured. https://api.nzx.com/public/announcem...034-419894.pdf

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.

The company is not insolvent, it has 'going concern' issues called out by the zAuditor and published in the Report

[whatsup]

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

TOMORROW is going to be a very interesting day, one way or another, the understatement of the day !

[Daytr]

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

Apologies I thought Stiassny had stood aside, him still being involved is certainly a good thing