INTERNATIONAL GOLDFIELDS LTD www.intgold.com.au
ASX Compliance Pty Limited Level 40, Central Park
152-158 St Georges Terrace Perth, WA 6000
Attention: Jill Hewitt
Senior Advisor, Listings (Perth)
By E-mail: jill.hewitt@asx.com.au
Dear Jill,
I refer to your letter dated 6 October 2015 in relation to the Company's financial condition query and responds in line with the numbers of your letter.
Is the Company able to confirm that in the Directors' opinion the Annual Accounts:
comply with the relevant Accounting Standards; and
The Directors of the Company confirm that in their opinion the Annual Accounts comply with the relevant Accounting Standards
give a true and fair view of the financial performance and financial position of the Company?
The Directors of the Company confirm that in their opinion the Annual Accounts give a true and fair view of the financial performance and financial position of the Company.
Please provide further information to explain the basis of the Disclaimer.
The Company has not moved from the relevant Accounting Standards from prior periods or changed its interpretation of any of its relevant accounting policies during the current period, hence the Director's believe in their opinion that the Annual Accounts comply with the relevant Accounting Standards.
Through the information the Company has received from the Ouro Paz JV, Winter Garden and Santa Fe, and discussions with these parties, the Director's believe in their opinion that the Annual Accounts present a true and fair view of the financial performance and positon of the Company.
Given the Disclaimer relates to the Auditor's inability to obtain sufficient appropriate audit evidence in relation to, the carrying value of investment in CIA Mineradora Ouro Paz, the loan receivable from Jardin De Invierno
S.A. and the 2015 Profit and Loss, what steps does the Company intend
BOARDMichael Edwards Chairman
David Tasker Director
Travis Schwertfeger Director
COMPANY SECRETARYJane Flegg
REGISTERED OFFICE AND PRINCIPLE PLACE OF BUSINESSGround Floor, 1 Havelock Street WEST PERTH WA 6005
PO Box 684
WEST PERTH WA 6872
COMMUNICATION DETAILSTelephone: +61 8 9488 5220
Facsimile: +61 8 9324 2400
Web Address: www.intgold.com.au Email Address: info@intgold.com.au
AUSTRALIAN BUSINESS NUMBER69 099 544 680
SHARE REGISTRYAdvanced Share Registry Services Pty Ltd 150 Stirling Hwy
Nedlands WA 6009
ASX CODEIGS
to take to obtain an unqualified audit/review report for future financial periods?
The Company believes that it will be able to obtain an unqualified audit / review report in future periods with coordinated timing of the Ouro Paz JV audits, the completion of the Winter Garden transaction and as the Santa Fe Loan has now been fully impaired there will be no further impact on the profit and loss.
Does the Company consider that its level of operations is sufficient to warrant continued quotation of its securities on ASX in accordance with the requirements of listing rule 12.1? In answering this question, please explain the basis for this conclusion.
Yes - on the basis that residual interest in Sante Fe and Ouro Paz are currently being realised through both mine development (JV funded) and a managed sale process, in addition the Company is in the process of acquiring a 85% interest in Jardin de Invierno SA, trading as Winter Garden Biosciences a biosciences and pharmaceutical company based in Uruguay, subject to the necessary regulatory and shareholder approvals.
What steps does the Company intend to take to address the going concern issues of the Company? The Company should specifically address how it intends to meet its liabilities and obligations as and when they fall due.
The Company retains its 15% capacity and has been presented with a range of debt financing offers it is currently contemplating. It should also be noted that it's major shareholders have at all times remained supportive of the Company and have confirmed to the board the intent to support the Company further should it be required.
Does the Company consider that the financial condition of the Company is sufficient to warrant continued listing on ASX in accordance with the requirements of listing rule 12.2? In answering this question, please explain the basis for this conclusion.
Yes - on the basis that the Company and its advisors are currently finalizing the formal documentation associated with the Winter Garden transaction
If the answer to questions 4 or 5 is 'No', please explain what steps the Company has taken, or proposes to take, to warrant continued listing on ASX in accordance with the requirements of listing rules
12.1 and 12.2.
N/A
Please confirm that the Company is in compliance with the listing rules and, in particular, listing rule 3.1 and 12.2.
The Company's financial report for the year ended 30 June 2015, lodged with ASX on 30 September 2015 (the 'Financial Report').
The Independent Auditor's Report set out on pages 29 to 31 of the Financial Report ('Auditor's Report') which contains a Disclaimer of Opinion (the 'Disclaimer'), stating the following:
Listing Rule 12.1 - The level of an entity's operations must, in ASX's opinion, be sufficient to warrant the continued quotation of the entity's securities and its continued listing.
Listing Rule 12.2 - An entity's financial condition (including operating results) must, in ASX's opinion, be adequate to warrant the continued quotation of its securities and its continued listing.
Listing Rule 19.11A - If a listing rule requires an entity to give ASX accounts, the following rules apply:
Is the Company able to confirm that in the Directors' opinion the Annual Accounts:
comply with the relevant Accounting Standards; and
give a true and fair view of the financial performance and financial position of the Company?
Please provide further information to explain the basis of the Disclaimer.
Given the Disclaimer relates to the Auditor's inability to obtain sufficient appropriate audit evidence in relation to, the carrying value of investment in CIA Mineradora Ouro Paz, the loan receivable from Jardin De Invierno
S.A. and the 2015 Profit and Loss, what steps does the Company intend to take to obtain an unqualified audit/review report for future financial periods?
Does the Company consider that its level of operations is sufficient to warrant continued quotation of its securities on ASX in accordance with the requirements of listing rule 12.1? In answering this question, please explain the basis for this conclusion.
What steps does the Company intend to take to address the going concern issues of the Company? The Company should specifically address how it intends to meet its liabilities and obligations as and when they fall due.
Does the Company consider that the financial condition of the Company is sufficient to warrant continued listing on ASX in accordance with the requirements of listing rule 12.2? In answering this question, please explain the basis for this conclusion.
If the answer to questions 4 or 5 is 'No', please explain what steps the Company has taken, or proposes to take, to warrant continued listing on ASX in accordance with the requirements of listing rules 12.1 and 12.2.
Please confirm that the Company is in compliance with the listing rules and, in particular, listing rule 3.1 and 12.2.
The Company confirms that the Company complies with the ASX listing rules, in particular listing rules 3.1 and 12.2.
For and on behalf of the board
David Tasker Director
Ms J Flegg Company Secretary
International Goldfields Limited PO Box 144
West Perth WA 6872
By email:jane@okapventures.com Dear Ms Flegg,
ASX Limited ('ASX') refers to the following:
ASX Compliance Pty Limited
ABN 26 087 780 489
Level 40, Central Park 152-158 St Georges Tce Perth WA 6000
www.asx.com.au T
Customer service 13 12 79 E
…
(b)The accounts must be prepared to Australian accounting standards. If the entity is a foreign entity the accounts may be prepared to other standards agreed by ASX.
In light of the Auditor's Report, the information contained in the Financial Report, and the application of the listing rules stated above, please respond to each of the following questions:
Please note the ASX reserves its right under listing rule 18.7A to release this letter and the Company's response to the market. Accordingly, the Company's response should address each question separately and be in a format suitable for release to the market.
Unless the information is required immediately under listing rule 3.1, a response is requested as soon as possible and, in any event by no later than 6.30 a.m. AWT on Monday, 12 October 2015.
Any response should be sent to me by return email. It should not be sent to the ASX Market Announcements Office.
If you have any queries regarding any of the above, please let me know.
Yours sincerely
(sent electronically without signature)
Jill Hewitt
Senior Adviser, Listings Compliance (Perth)
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