Pharmazen

[Minimoke]

My limited understanding of the late reporting under the Companies act is that if 5 months after balance date they still haven;t reported, at some stage after that they might get a slap on the back of their hand with a wet bus ticket.  Sometime even later than that they might be placed in a trading halt which is basically ineffectual because there ostensibly has been a buyers strike, (of any real depth), for several months already.
Gotta 'love" the lax rules around unlisted companies eh.

The lax riules are part of the risk with listing and trading on the USX. But behavior like this is not conducive to a main board listing.

[Sideshow Bob]

The lax riules are part of the risk with listing and trading on the USX. But behavior like this is not conducive to a main board listing.

Yes, it is (one of) the frustrating parts about the USX-listed companies.

Some of them are large/longstanding entities, and while some will never list on the NZX, they should at least aspire to best practice. However in the case of PAZ, I understood longer term that NZX listing was a goal??

Hopefully we get an annual result sometime soon, and that it puts our minds to rest......

[Minimoke]

Yes, it is (one of) the frustrating parts about the USX-listed companies.

Some of them are large/longstanding entities, and while some will never list on the NZX, they should at least aspire to best practice. However in the case of PAZ, I understood longer term that NZX listing was a goal??

Hopefully we get an annual result sometime soon, and that it puts our minds to rest......

Main board listing has been stated as a goal. But NZX wasn't specified.

[winner (n)]

Any announcement yet?

[Minimoke]

Any announcement yet?

Crickets

[winner (n)]

Crickets

Just seem Fourth of May seemed an ideal day

[Minimoke]

Just seem Fourth of May seemed an ideal day

I wonder if they need a hand

The money you received goes in this column. The money you spent goes in this column, chuck in a bit of depreciation and we are nearly there.

If on the other hand we need a bit of fudging of the numbers, that will take a bit longer

[lorraina]

Annual report has been held up as PAZ have a new auditor.
Looks like next week.
AGM on 26th 12.30 pm.Te Pae.

[Minimoke]

Annual report has been held up as PAZ have a new auditor.
Looks like next week.
AGM on 26th 12.30 pm.Te Pae.

So what happened with the previous auditor who were Delloites?. Seems a bit odd to be changing Auditors at this stage of the proceedings.

[lorraina]

Think companies change auditors every few years.PAZ  had the same auditor since I first bought in in 2009.

[Basil]

Annual report has been held up as PAZ have a new auditor.
Looks like next week.
AGM on 26th 12.30 pm.Te Pae.

The plot thickens.  We have a Director resignation and now possibly, reading between the lines, an Auditor resignation ? 
If you look at the timing from previous years information releases there's no reason if the Auditor change had occurred in the normal seamless and timely way, that would have held things up for a month or more.

Here's the thing, let's look at the timing of information releases in the last 3 years in more detail.
Last 2 years they released statements conspicuously headlined as unaudited on 1 April 2021 and 8 April 2022 that were subsequently audited by the time the annual report was released.  The year before that they released good news on 23 March 2020, again unaudited, again audited by the time the annual report was released.  Notice how when there's good news, they are very quick to get it out to investors.

So why would they not release this years result in the normal way with timing and the new auditor do their work in the usual way?

In my opinion, If the auditor change had of been handled in the normal smooth way that would not have held things up. 

Reading between the lines I would think it's quite plausible, (but acknowledge speculative to say so), what we have here may be an Auditor resignation, possibly some way through the annual proceedings, perhaps based on concerns they have that are not acceptably explained, and the company scrambling to find a replacement.

If it was just "Garden" variety bad news and there was no possible dispute as to interpretation of financial information or going concern issues, PAZ directors would have got it over with already and announced the result in early April to be subsequently signed off by the Auditors later that month and the annual report prepared.

Something doesn't feel right here...    For you guys sake, I hope I am wrong and there's nothing untoward to be announced when they finally get around to announcing it.

[lorraina]

I will wait for the annual report before commenting.

[Minimoke]

The plot thickens.  We have a Director resignation and now possibly, reading between the lines, an Auditor resignation ? 
If you look at the timing from previous years information releases there's no reason if the Auditor change had occurred in the normal seamless and timely way, that would have held things up for a month or more.

Here's the thing, let's look at the timing of information releases in the last 3 years in more detail.
Last 2 years they released statements conspicuously headlined as unaudited on 1 April 2021 and 8 April 2022 that were subsequently audited by the time the annual report was released.  The year before that they released good news on 23 March 2020, again unaudited, again audited by the time the annual report was released.  Notice how when there's good news, they are very quick to get it out to investors.

So why would they not release this years result in the normal way with timing and the new auditor do their work in the usual way?

In my opinion, If the auditor change had of been handled in the normal smooth way that would not have held things up. 

Reading between the lines I would think it's quite plausible, (but acknowledge speculative to say so), what we have here may be an Auditor resignation, possibly some way through the annual proceedings, perhaps based on concerns they have that are not acceptably explained, and the company scrambling to find a replacement.

If it was just "Garden" variety bad news and there was no possible dispute as to interpretation of financial information or going concern issues, PAZ directors would have got it over with already and announced the result in early April to be subsequently signed off by the Auditors later that month and the annual report prepared.

Something doesn't feel right here...    For you guys sake, I hope I am wrong and there's nothing untoward to be announced when they finally get around to announcing it.

I'm girding my loins for bad news. Its not passing my sniff test of feeling right.

[Buzz]

I'm girding my loins for bad news. Its not passing my sniff test of feeling right.

Hope the punter who sold 85k shares into $0.38 made some dosh. At almost 50% off its highs, the folks who bought into the ramp and still holding won't be feeling too happy, been a tough 12 months, especially if PAZ is going to report 'trouble at mill'.

[Basil]

Hope the punter who sold 85k shares into $0.38 made some dosh. At almost 50% off its highs, the folks who bought into the ramp and still holding won't be feeling too happy, been a tough 12 months, especially if PAZ is going to report 'trouble at mill'.

Hit a high of $1 in mid 2021.  There was only one solitary poster who called it overpriced at that level.