ASX suspends 23 companies for failure to lodge

The Australian Securities Exchange has suspended 23 companies from trading after failing to lodge annual accounts for the 2008-09 year by the 30 September deadline.
Many of the companies, who are largely in the natural resource and technology sectors, quote financial difficulties due to the downturn as reasons for the late lodgements.

One company, automotive parts reseller Allomak, said it was waiting for the end of a vote on a recapitalisation process to lodge its results.

“Due to the considerable importance of the shareholders decisions in relation to this recapitalisation process, the auditors of the company will wait for the outcome of the General Meeting on October 2, 2009 before the Audited Final Statements for year ended 30 June 30, 2009 can be finalised and released to the ASX and shareholders,” a statement from the company said.

Among the companies that were “suspended from quotation” include Western Desert Resources, and Fulcrum Equity, which was also suspended during August for failing to pay a listing fee.

Some reasons for not lodging include financing difficulties, challenges regarding overseas subsidiaries and investments, auditing delays, with one company having only listed on the stock exchange in August.

But while the 23 companies were late in lodging their results, property investment group ARK Fund, Occupational and Medical Innovations, Pacific Environment, Western Desert Resources, Corum and Jervois Mining all lodged within hours after the deadline and were expected to begin trading today.

The following companies were suspended from trading:

4C Security Solutions
Admiralty Resources
Allomak
ARK Fund
Aurium Resources
Aurora Minerals
Azurn International
Bathurst Resources
Capital Intelligence
Celtex
Chrome Corporation
Coal Fe Resources
Corum Group
Fulcrum Equity
Jervois Mining
M2M
Magellan Petroleum
Occupational & Medican Innovations
Pacific Environment
Rockeby Biomed
Teys Limited
Wasabi Energy
Western Desert Resources