Albedo

Albedo: AUDITORS of Albedo said they cannot express an opinion on the co's financial statements because of uncertainty about its ability to recover amounts owed by a Thailand subsidiary, which could impact on the grp's ability to generate sufficient cash flows and to raise new funds, as well as the continuing support of a shareholder and director. The auditor had raised similar concerns a year earlier. Albedo's 70% owned Thailand subsidiary, Thai Tech Steel (2003) Co, which is under official receivership and facing lawsuits from its minority shareholders. Auditors draw attention to the fact that the group has lost control over TTS2003 (Thai Tech Steel), while Albedo is also in breach of bank covenants related to maintaining a minimum net worth, and is thus unable to use certain facilities. Albedo reported NTA of $1.3m, but "a substantial portion" of that depends on the amount recoverable from Thai Tech Steel, especially because Albedo's banks could demand repayment at any time.