July 16, 2020 Read More →

Wollongong pushes ahead with plans to mine underneath Sydney water even as it requests ASX delisting

Lock the Gate Alliance:

Wollongong Coal’s application to have itself removed from the ASX due to the company’s ongoing dire financial situation should ring alarm bells for all NSW taxpayers, given its stalled coal mining operations and current inability to cover its rehabilitation liabilities.

Last Friday (July 10) Wollongong Coal applied to de-list from the ASX, citing “low levels of liquidity and investor interest” and that the compliance costs of remaining listed on the ASX “are a significant burden”.

The company also has zero revenue, negative shareholders’ funds, and huge debts.

Independent financial analyst Tim Buckley of IEEFA said, “This company should have had the receivers appointed years ago, Australia’s regulators are yet again taking a very lax view in failing to enforce directors’ duties regarding trading while insolvent.” 

[Staff Reporter]

More: Woeful Wollongong Coal can’t pay basic ASX fees, so shouldn’t be allowed to put Sydney water at risk

Posted in: IEEFA In the News

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