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SWIFT TV LTD — Capital/Financing Update 2009
Sep 30, 2009
65874_rns_2009-09-30_7a708a16-5c1b-4184-aff5-262eb164950a.pdf
Capital/Financing Update
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55 Brady Street South Melbourne Vic 3205 Australia Tel 613 92818888 Fax 61392818889 ACN 006 222 395
01/10/09
CELTEX LTD SUSPENSION OF SECURITIES FROM TRADING: FINANCING ARRANGEMENTS
The securities of Celtex Ltd have today been suspended from trading as the Company’s was unable to lodge its accounts with Australian Securities Exchange Limited ( ASX ) before the commencement of trading today as the audit of the accounts has not yet been finalised..
Due to the Global Financial Crisis the Company like many other companies has found it difficult to re-finance. This created some difficulties for the Company including causing some delay in the completion of the audit. The Board of Directors is pleased to say that the Company’s immediate working capital needs have been met by the issue of the Convertible Note to Stansfield Funds Management Pty Ltd as foreshadowed in the Company’s announcement to the market on 15 September 2009.
The Board of Directors is pleased to announce that the auditors are presently working on the audit and have indicated that as at this time they have not found any complications or matters that should be announced to the market. The auditors expect to finalise the audit by the end of next week (9 October 2009) to enable the Company to immediately thereafter lodge the accounts with ASX and have the suspension of trading in the Company’s securities lifted.
The Board of Directors is also pleased to advise that it expects to despatch a notice of meeting to shareholders next week seeking shareholder approval to certain financing
arrangements and transfer of shares pursuant to the agreement referred to in the Company’s announcement on 15 September 2009.
If shareholders approve the arrangements, which the Board considers to be in the best interests of the Company, they believe it will place the Company on a sound financial footing and put it in an excellent position going forward to take advantage of opportunities.
Ken Roberts
Executive Chairman