By Matthew Henry
NEWCASTLE: The Newcastle Stock Exchange (NSX) has removed the trading halt on Betta Stores Limited (BSL) following the retailer’s lodgement of its cashflow statement this morning.
The trading halt has been in place for over five months, and was enforced in late a March when the retailer failed to present its financial results for the six months to 31 December 2005.
BSL finally lodged its financial results for the period last Friday, declaring a $4.95 million loss, and the NSX responded by lifting the ban this morning when BSL lodged its cash flow report for the year ending 30 June, 2006.
“The cash flow report has been prepared in response to a request from the NSX Complicance Committee and to keep shareholders fully informed of the company’s financial circumstances,” said BSL in a statement to the NSX this morning.
During the five-month trading ban, BSL undertook some significant reforms including changing auditors from Grant Thornton to KPMG, reviewing its internal accounting practices and dramatically changing its focus away from company-owned stores to its franchise model.