ASX suspends 13 small caps for late financial reports

The Australian Securities Exchange has suspended 13 companies for not lodging their financial results for the first-half of the current financial year by the deadline of last Friday.

But it is understood some of these companies could be allowed to continue trading after they rushed yesterday to hand in their results.

Those companies expected to resume trading today include Macarthurcook Property Securities Fund and the Macarthurcook Industrial Property Fund, Healthzone, Byte Power Group, Green Invest, Medic Vision and Frankland River Olive Company.

One company, Datamotion Asia Pacific, has said it anticipates its shares will resume trading as soon as possible with results to be posted later this week.

It is not known if Datamotion’s late reports have anything to do with its recent defamation case against an anonymous blogger on the HotCopper stock market forum. The company, and its managing director Ronald Moir, won the case and will be paid $30,000 in damages.

The number of companies which missed the deadline actually dropped from 20 compared to last year’s corresponding period, which ASX spokesman Matthew Gibbs has said is a testament to the strengthening economy.

Last year, several companies said they did not issue financial results by the deadline because they were still finalising some urgent matters. Some announced worse-than-expected results.

There was only one company to appear on the list twice. Queensland property group CEC said in a statement it is still “finalising its position on a critical accounting issue that impacts on the completion of both its financial statements and Appendix 4D for the six months ended December 31, 2009”.

Safety Medical Products also said it is currently negotiating with a “potential significant new investor”, and that its results would be released before the start of next week, Monday 8th.

There are three companies which have failed to produce any reason for filing late – Autron Corporation, Palamedia and US Masters Holdings.