HDX 0.00% $2.80 hughes drilling limited

I noticed this in foragers October report Shares in Hughes...

  1. 3,326 Posts.
    lightbulb Created with Sketch. 151
    I noticed this in foragers October report

    Shares in Hughes Drilling (HDX) were suspended right through October for not lodging audited accounts on time. We feared the auditor was honing in on serious issues but the company finally produced audited accounts just after month end and its shares have resumed trading. The news wasn’t horrendous. Due to a higher depreciation expense required by the auditor, net income fell marginally, from the $8.9m previously announced to $8.2m. More ominously, though, a going concern note to the accounts now reveals that bank covenants are close to being breached. That’s another warning sign that management are too cavalier with how they run and finance the business. We’ve voiced our concerns previously, but will now push for reform more vigorously. Hopefully this debacle can become a catalyst for change. The company has enormous potential value but is in need of more robust governance

    I agree with all of the above entirely - I think we need more shareholders to continue to express concerns and put pressure on the board and management to be more transparent

    Dazzler
 
watchlist Created with Sketch. Add HDX (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.