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Heres the update.

 

Agreement has now been reached with IRD to repay the IRD an amount of $187,027 in aggregate. The sum is to be paid by twenty-four monthly instalments of $7,793. The first instalment is due and payable on 20 March 2017.

 

As at Sept 30th last year they had $44k cash and $97k other assets (whatever they are). The six months prior they had burned $156k in op.ex. and staff.

 

So if all things have remained constant, they are broke. Where is NZX censure?

 

the Company advises that: - the drafting of the Notice of Meeting, the Explanatory Memorandum and the Independent Advisers Report and Appraisal Report are well advanced; - it is hoped to have the aforementioned documentation forwarded to the NZX and to the Takeovers Panel for their review during the course of the next week;

 

Well advanced on March 7th. Meaning the week of the 13th documents were submitted. Meaning no later than the 17th. Meaning the NZX have been sitting on them for 12 days already. How long does it take to read them I wonder.

 

it is anticipated that a special meeting of shareholders will be called to approve the capital and operational restructure during the course of April or May.

 

Three more days and it is April. If the required notice of meeting is six weeks (possibly just two if the Constitution allows for it) then we are looking at the middle of May before a meeting is to be held and restructuring can occur. Meaning, at least two more payments to the IRD and ongoing listing and op.ex. costs when they are already broke.

 

Ahem. Somebody should let the NZX know there is something rotten at its core.

 

 

 

 

 

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  • 4 weeks later...
it is anticipated that a special meeting of shareholders will be called to

approve the capital and operational restructure during the course of April or

May.

 

Seems like it may be timed for Independence Day.

 

They're paying $7700 per month to the IRD. Where's the money coming from? They're broke! And why does the NZX allow this terd to stay listed?

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If he had any sense, IRD as well, wouldn't you offer them equity if the deal is that amazing? The alternative is missed payments, penalties and arrears followed by liquidation.

 

At least a promise to sell equity or charge a fee to the other side of the deal. But no. None of this. Instead we are told nothing while ostensibly everything sits in the NZX bowels.

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Nine business days left in the month. Even if the constitution says two weeks, he can't hold the meeting as said.

 

How come I'm not surprised?

 

How's he paying this months IRD payment?

 

Poooh. Can anyone else smell it?

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  • 2 weeks later...

NZX must be in on the scheme. Corrodes their integrity just that much more while everyone watching can see the market isn't anything except aracket for the boys.

 

NZF should've been delisted yonks ago as well as being struck off the register. I have more cash on hand in the bank than NZF, no debt, higher earnings and no need to talk a load of crap to anyone.

 

Isn't the definition of insolvent that point where liabilities exceed assets? And the NZX don't do anything? In contravention of their own rules.

 

Just three days left to call that meeting after COB today.

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Latest report is the interim unaudited annual. In it, there is no mention of the NZX. But there is a mention of the April/May meeting for shareholders now being a June/July meeting.

 

From this I deduce the documents have received NZX assent and the finger of delay can no longer be pointed at them. However, we are not told this. Second, they have no say or control over anything with regards to the meeting being held. The June/July meeting could well become August/September meeting of 2018. Nor do they declare how they are going to continue paying the bills until the new funds are received after the scheduled meeting when they only have $159k of cash and cash equivalents.

 

All in all, this is one load of pig shit that is going to go broke soon unless there is a major surprise.

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