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Geong – Audit update leaves the company hanging by a thread

By Nigel Somerville, the Deputy Sheriff of AIM | Monday 28 September 2015


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Fourteen sets of Filthy Forty numbers to come in by Wednesday to avoid suspension, but AIM-China play Geong (GNG) still, from this morning’s RNS, seems to be wrangling with its auditors over its FY numbers to the end of March this year. There is just so much to go wrong here: will a convertible debt of £1 million get rolled over for another year as hoped? Will Geong get passed as a going concern? Will it get audit sign-off? Will Geong get the numbers out? And then there are the write-offs. It looks grim. Bag of Walkers, anyone?


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