What’s up with BWX’s (ASX:BWX) shares lately?

3 min read | November 21, 2022 07:01 PM AEDT | By Tamnna

What’s up with BWX’s (ASX:BWX) shares lately? — Image source: © ARTFULLY-79 | Megapixl.com

Details of BWX’s trading suspension

As per the previous ASX releases, BWX has frequently been neglecting to disclose its FY22 results. One of the primary causes for this delay, according to the company, was certain revenue recognition concerns for FY21 and the first half of FY22. Another cause was BWX’s intangible assets being at a level far below their carrying value.

On 29 August 2022, BWX put its shares on voluntarily suspension due to a delay in releasing its FY22 results ending 30 June 2022. After the trading suspension, the company first stated that the results would be published by 30 September upon the completion of its audited accounts for FY22. However, the release was further extended to the end of October due to a delay in the process of finalising the audit, as reported on 30 September.

The delay continued and the FY22 results were now to be revealed around the middle of November. According to an ASX report on October 28, the company believed it was crucial that the audit and any revisions were performed appropriately, which required more time.

In today’s ASX announcement, BWX has finally confirmed to announce its full-year 2022 financial results on 28 November.

What else has happened at BWX Limited?

BWX Limited-owned digital entity The Good Collective Pty Ltd (trading as Flora & Fauna) was hit by a cyberattack on 4 November 2022. The company confirmed via an ASX announcement that customer credit card numbers and expiry dates were transferred to an unauthorised third party from the Flora & Fauna website.

Talking about this data breach, Rory Gration, CEO of BWX Limited, said:

Data Source: Company announcement dated 4 November 2022

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.