Plan B follows sale failure

Aquaria 21's directors are trying to put together a Plan B after the failure of its sale to Bliss but they could be too late.

The company's just released annual report contains a warning from auditors KPMG that it may have to halt trading.

"If the proposed sale or an alternative does not proceed or is significantly delayed and the group and company may be unable to continue in operational existence," the audit report says.

In a statement to the Australian Stock Exchange Bliss chairman, Sam Ming Foo, announced that Aquaria had failed to fulfil a number of obligations which were essential for the deal to go through.

They included the fact Aquaria was unable to provide audited accounts for the businesses being bought by Bliss in accordance with the contract and which were due on March 8 [a day before the special meeting at which Mr Wikely described the deal as a formality].

Aquaria 21 shares were trading at 6c at the time of going to press, down a cent.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Transpower sees no risk to credit metrics from incentive change
NZ dollar rises, an outlier amid rising Gulf tensions
Craigmore spends $32M to expand Kerikeri kiwifruit crop by 'more than a third'
CentrePort eyes further hub expansion
South Port beats guidance, earnings in line with 2018 record
Plexure sees revenue growth from White Castle deal
22nd July 2019 Morning Report
NZ dollar treading water as markets focus on Iran
MARKET CLOSE: NZ shares extend gain as passive funds bolster prices; Tourism Holdings climbs
NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut