NTL - New Talisman Mine - New board & Directors

[blackcap]

So they get another director loan so that they are solvent and to satisfy the listing rules?

Then they can do the CR.

They are solvent. Lets get that straight. Its the going concern issues the auditor has raised.

Quite serious if you are trading and not solvent....

[Toddy]

They are solvent. Lets get that straight. Its the going concern issues the auditor has raised.

Quite serious if you are trading and not solvent....

So what's the going concern issue if it's NOT Cash?

[Baa_Baa]

So what's the going concern issue if it's NOT Cash?

Simply put, it is cash:
- Going concern - they will run out of cash (soon)
- Insolvent - they have run out of cash (now)

[blackcap]

So what's the going concern issue if it's NOT Cash?

Solvency is a technical term and has legal implications. Going concern does not. It is important to use the right term in context or you may mislead people. There is a huge difference between solvency and going concern.

Solvency, is they are solvent, they can meet their obligations. If the company were to be wound up, there would be money left over.

Going concern is purely an opinion. They may or may not be able to meet obligations some time in the future.

[nztx]

They are solvent. Lets get that straight. Its the going concern issues the auditor has raised.

Quite serious if you are trading and not solvent....

Time that NTL made the Auditor a gone away concern

Lots more far serious cans of worms inhabiting ASX waters that should make Ozzie Checkers sit upright in fright in their beds in the early hours - but do they ? .. Let's put it down o a shower of fine Aussie dust that must of hit the nostrils of the checker of the books

[winner69]

Time that NTL made the Auditor a gone away concern

Lots more far serious cans of worms inhabiting ASX waters that should make Ozzie Checkers sit upright in fright in their beds in the early hours - but do they ? .. Let's put it down o a shower of fine Aussie dust that must of hit the nostrils of the checker of the books

Auditor who wouldn't give an opinion apparently based in Oz already ....Sydney

Outfit does have NZ office

[Baa_Baa]

Look, this whole thing with the ASX trading halt is a storm in a teacup. You will note that the Director Richard Tacon's agreement to provide a $300,000 unsecured loan facility was on 30/5/24, well after the balance close date of the Annual Report 31/3/24, which the Auditors reported on. Ergo, the loan facility negates the 'going concern' problem.

You might also note that NTL called for a halt on NZX with only two days to respond, indicating that this is easily cleared up and trading will likely resume on Wednesday, if not sooner.

The 'going concern' issue that the Auditor called out at balance date was ameliorated by the Director's loan on 30/5. This should grease the pathway to the CR without any concern for the interim period until capital is raised.

[Baa_Baa]

Auditor who wouldn't give an opinion apparently based in Oz already ....Sydney

Outfit does have NZ office

Relevance? None.

[nztx]

Look, this whole thing with the ASX trading halt is a storm in a teacup. You will note that the Director Richard Tacon's agreement to provide a $300,000 unsecured loan facility was on 30/5/24, well after the balance close date of the Annual Report 31/3/24, which the Auditors reported on. Ergo, the loan facility negates the 'going concern' problem.

You might also note that NTL called for a halt on NZX with only two days to respond, indicating that this is easily cleared up and trading will likely resume on Wednesday, if not sooner.

The 'going concern' issue that the Auditor called out at balance date was ameliorated by the Director's loan on 30/5. This should grease the pathway to the CR without any concern for the interim period until capital is raised.

A loan due or convertible 2 years out wouldn't have caused an issue most likely ..

Going concern would be more of an issue if the bucket was near on empty and options / potential very limited .. perhaps a position the previous CEO was heading close to the wind with ..

[Landyman]

Look, this whole thing with the ASX trading halt is a storm in a teacup. You will note that the Director Richard Tacon's agreement to provide a $300,000 unsecured loan facility was on 30/5/24, well after the balance close date of the Annual Report 31/3/24, which the Auditors reported on. Ergo, the loan facility negates the 'going concern' problem.

You might also note that NTL called for a halt on NZX with only two days to respond, indicating that this is easily cleared up and trading will likely resume on Wednesday, if not sooner.

The 'going concern' issue that the Auditor called out at balance date was ameliorated by the Director's loan on 30/5. This should grease the pathway to the CR without any concern for the interim period until capital is raised.

The auditor will have formed their opinion during the audit - with the books closing 31 March, then the audit will have given final view towards end of May (standard audit time frame for big companies 6-7 weeks from close). Ntl a bit smaller, so could have been faster. Given the timing of Tacons unsercured loan, my guess is that NTL were well aware of the going concern comment, and acted as such - probably just not fast enough to be given a "clean" bill of health.