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Sanctuary's financial woes worsen

posted by davidt on Tuesday January 31 2006, @11:30AM
Belligerent Ghoul sends the links:

No Sanctuary From Music Firm's Audit Row - Daily Mail

Excerpt:

Jan. 31--Heaven knows Sanctuary investors are miserable now.

Shares in the struggling music group, whose artists include Morrissey, the former Smiths frontman, slid below a penny as a row simmered with its auditor.

Despite a huge restatement of its accounts that scrubbed £54m from prior years" profits, accountants at Baker Tilly still do not agree with all of Sanctuary's numbers.

It will issue an "adverse audit opinion" on the figures -- not good news as debtladen Sanctuary tries to pin down backers for a £110m fundraising...
---
Sanctuary outlines rescue plans - BBC News
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Sanctuary's financial woes worsen | Top | 4 comments | Search Discussion
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  • There are four types of audit opinions: unqualified, qualified, disclaimer and adverse, the latter being the worst. What an adverse opinion means is that the financial statements are so full of misstatements that a financial statement user cannot rely upon it to make decisions. One cannot infer anything as to the health or viability of a company as an audit does not garuantee anything. Everything is ultimately the responsibility of management.
    Anonymous -- Tuesday January 31 2006, @01:03PM (#195370)
  • Hopefully, Ringleader Of The Tormentors will be able to save the company.
    Foster -- Tuesday January 31 2006, @03:20PM (#195406)
    (User #14088 Info)
  • just wondering...is a play on "heaven knows i'm miserable now" the most commonly used attempt at wit by journalists when writing an article about moz?
    Anonymous -- Tuesday January 31 2006, @03:31PM (#195412)
  • "Despite this, the [turnaround] proposal has won the backing of institutional investors, Sanctuary added.

    Meanwhile, the world's biggest independent record label also said it had agreed a deal with its major lender that would see it cancel £35m of its debt."

    Still they can't afford to blink for a moment during the next crucial year. Their impressive array of hard-working artists deserve a more business-like backing, for a viable 360 degree future.

    goinghome -- Tuesday January 31 2006, @06:51PM (#195455)
    (User #12673 Info)

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