I don't know whether the Feb date is legally binding but given the events of the past few months AVN should aim to adhere to the highest levels of transparency and should treat its investors with a holy respect. Not meeting the previously announced financial agenda raises questions about the possibility of accounting fraud and/or accounting restatements. What if the five (indicative, not binding) takeover bids AVN received did not materialise because of some deal breaker that potential buyers… Read More
I can only say from my experience that US corporations quite often publish fully audited accounts within 6 weeks of their year end. It used to cause problems as the auditors of UK subsidiaries had to work over Christmas to meet the tight time table. So we ought to see information issued in a more timely way. What was the time limit for disclosing the quarterly figures to the bond holders? It's in the bond documentation but I can't now find that on the net.
Blimey WB - have you lost your rose glasses? I agree. We should expect a different tenor in the announcements in the RNS's and I'm hoping for a more vigorous board. The Americans don't always play nicely. Not sure how much leeway there is in the accountancy as not my area at all.
I disagree gccra. Over half the board is new. The CFO got demoted and the guy who overlooked accounting is gone. This will be the first set of earnings announced under the new board. What if the new board members disagree with communication or accounting practices or so? After what happened, we deserve better from AVN. If they communicate that they will announce earnings in Feb then they need to make a corrective statement with explanations if they cannot meet that. Two more business days… Read More
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