Gunns stated they would provide “a further market update on Friday 26th August”. (Download: Gunns_Suspension.pdf)
This has never been released.
As a result I looked at the ASX web site regarding de listed or in suspension companies (Download: Suspended_Companies.pdf).
I quote the Stock Exchange website:
“If you are unable to find your company among the companies quoted in the daily newspaper, it may be suspended from quotation….
If the suspension is prolonged, an administrator - usually in conjunction with creditors or directors - is often deciding the company’s fate….
Some companies suspended because of insolvency concerns, regain quotation but most fall by the wayside. They are eventually delisted and end up in liquidation or are recapitalised with little, if any, residual value left for shareholders…”
I ask - now that over three weeks have passed since the shares were suspended and Gunns have been informed by the State Government that they will not receive more than 23 million dollars - have we reached the stage that “If the suspension is prolonged, an administrator - usually in conjunction with creditors or directors - is often deciding the company’s fate”?