Having been in a voluntary trading halt since last trading on 3 April 2019, shareholders of Sky and Space Global (ASX: SAS) may finally have some closure with signs now pointing to the Israeli-based space company being put into administration.
But with the Company having again proposed a capital raising exercise to continue its operations, Sky and Space finally received an Interim Stop Order from the Australian Securities and Investments Commission (ASIC), halting the proposed $15.8m capital raise in its tracks.
Of concern from regulatory body was the Company’s omission of audited accounts which would have highlighted a dire financial situation.
The Company today released their 2019 Annual Report where the Auditor’s Independent Report raised serious concerns into Sky and Space’s operations – something shareholders have been voicing since before the series of voluntary trading halts commenced.
Also identified within the Annual Report was the $1.65 million paid to Directors in salary and consulting fees, including $527,710 to CEO and Managing Director, Meir Moalem.
This however was a significant saving for the Company which had previously spent $8.4m on Key Personnel Remuneration in FY18.
For the year ending 30 June 2019, Sky and Space Global reported revenues totaling $0.00 for a total loss of $30,395,707.
They did however have $1.93m of cash in bank.