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Message: Action plan to prevent future deliquent financial filings

Action plan to prevent future deliquent financial filings

posted on Jun 24, 2008 06:04AM

I have not hidden my dissatisfaction with Winfield for its delinquent filings, and I truly feel that the share price will remain unaffected even if the filing deadline is met... the reason being, it means nothing to meet your corporate obligations... what will mean something is if it's accompanied by an action plan to prevent this from ever happening again.



It's about building shareholder confidence... I wrote to MF expressing my concerns. I believe the consistent shareholder pressure will force him to take this very seriously - consistent without being pestering and annoying to take away from his day-to-day activities.



My original email:

Hi Michael,

I was hoping that you would have time to answer my questions in the below email. I am also very anxious because I feel that despite meeting the filing deadline of June 29th, shareholders confidence will still remain negatively impacted unless the filing is accompanied with a detailed action plan on determining the causes of the missed deadline, as well as how to prevent it from ever happening in the future. Can we shareholders expect to see this information accompany the financial filing?



and his response:

In due course you will see Winfield change its Auditor.



Obviously, that response does not address the concerns I have. Changing one's auditor's is not an action plan, is not detailed, and doesn't explain why the financials were not filed in the first place.

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