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.

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