The company was last suspended over missing an ASX reporting deadline in late 2013 – back when it was known as Gujarat NRE Coking Coal.
In that case the company failed to lodge a half-year report by November 30.
The half-year report was announced 23 days later than that deadline, and this followed Gujarat announcements on a capital raising plus over a workforce restructuring and redundancy plan.
While Wollongong’s suspension could end up being lifted next week, the company recently made 41 redundancies at its Russell Vale longwall mine with greentape delays over the mine’s expansion project receiving some of the blame.
More curiously, Wollongong’s former CEO and executive chairman Jasbir Singh, who resigned from those roles on May 11, completely exited the company two weeks later by dropping his remaining non-executive director position.
Singh was replaced by another nominee from Wollongong’s controlling shareholder Jindal Steel and Power – chartered accountant Azad Bhura while the CEO search seemingly continues.
Wollongong chief operating officer David Stone gave five weeks notice in his resignation last month. He quickly landed a beefed-up role at Guildford Coal as an executive director – a week after he was appointed as a director.
However, ICN heard that Stone’s position at Wollongong was considered safe at the time.
