The query from the ASX to Gunns specifically relates to rule 3.1 which “requires an entity, once it becomes aware of any information concerning it, that a reasonable person would expect to have a material effect on the price or value of the entity’s securities, to immediately tell ASX the information”.
Gunns reply states that they did not know the full extent of their losses before their Audit Committee meeting on 19 Feb and the adoption of the half yearly accounts on Sunday 21st Feb.
If you do not notice a disaster of these proportions till the Sunday prior to the release of the half yearly report you should not be running a Public Company.
Gay, Gray and the third rate Gunns corporate team must be held accountable to the shareholders for their losses and immediately resign or be sacked.
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