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Business |
Highlands cops ASX query on tumbling
share price
By BRIAN GOMEZ in Sydney
HIGHLANDS Pacific advised the
Australian Stock Exchange yesterday it was not aware of any
information that had not been made public which could have
contributed to the sharp fall in its share price.
The ASX asked the company to provide an explanation why its share
price had fallen from A$0.20 on April 27 to A$0.12 on Wednesday,
along with an increase in trading volumes.
In his response, Highlands Pacific’s managing director Ian
Holzberger, said the company was also not aware of any reason for
its operating result before abnormal items and income tax to vary
by more than 15% in the half year to June versus the same period
last year.
Mr Holzberger noted that the company’s March quarterly report had
been released on April 27, its annual report on April 30 and its
annual accounts on March 30.
The annual accounts had been heavily qualified by the company’s
auditors who said “there was material uncertainty whether the
group will be able to continue as a going concern”.
The company’s problems related mainly to the poor performance of
its Kainantu gold mine in Eastern Highlands where severe
production problems throughout last year and continued to impact
operations in the first quarter of this year.
Following the company’s response to the ASX, its share price
recovered by A$0.01 to close at A$0.145, its lowest price in
almost six years. It has fallen from a high of A$0.43 in the past
six months.
 
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