The Australian Stock Exchange has suspended trade on Homeloans Limited, LV Living and Wentworth Holdings for failing to lodge the 2006 financial year on time.
Yesterday, trade was suspended on HOM, LVL and WWM stocks after the companies failed to lodge their financial year report with the Australian Securities and Investments Commission by the end of September 2006.
Yesterday, Wentworth’s company secretary Craig Harris said the delay was a result of an audit of the company’s annual financial report, which has yet been finalised.
“This has partly been due to the transferring of all of the company’s records from the former registered address in Western Australia to the new registered office in Doncaster, Victoria, which has resulted in delays in having all of the information collated, particularly regarding the extensive acquisitions undertaken for audit review,” Harris said. “Further delays with the audit are due to the increased complexity of, and information requirements for, complying with the Australian equivalents to International Financial Reporting Standards and the 15 acquisitions the company has made since June 30, 2006, which required audit review.”
“The company is working to ensure that its auditor finalises the audit as soon as possible.” he concluded.
Meanwhile, LV Living’s chief executive David Brown said the delay was due to the company concluding negotiations on four significant and important transactions since June 30.
The four pending transactions within the cmpany are:
1. Sale of RewardsCorp interests;
2. Progression of the MyMurra transaction;
3. Performance of the ACP partnership
4. Completion of agreements to launch a new product in the retirement living segment.
“The end position of these transactions has a material affect on the accounts of June 30 in respect to share capital and treatment of revenues. At all times LV Living has informed its auditors of the status of these matters and the pending closure of transactions, and they advised the company that given the nature of these events and the impact on June 30, they needed time to fully understand the transactions to be able to report.
“As a result the company will suspend from trading until fully audited accounts are lodged with the ASX. The company’s auditors have informed the directors that they anticipate sign off on the accounts no later than October 13 or earlier,” he added.
Brown said given the pressures that all audit teams are under with IFRS reporting, it was not reasonably deliver to meet the September 29 deadline.
There were no official statements from Homeloans.
By Kathryn O’Meara
