This could haven been nothing more than a power play between the SEC and the OSC whose rules are not always in sync. To my knowledge we have never had a serious problem with the SEC. I don’t know if there was any action taken against us, nor have I seen a notice of hearing, the matter seems to have been resolved through cooperation and negotiation. If they did take action against us I would think that it is already evident in our filings. I do not look for any future penalties from the OSC in this matter. It appears to be over but I am not sure what happened.
Aspen also announced that it has re-filed on SEDAR in Canada its interim financial statements for the third quarter ended March 31, 2001, its annual audited financial statements for the year ended June 30, 2001 and its interim financial statements for the first quarter ended September 30, 2001. These financial statements have been amended and re-filed to provide additional disclosure as a result of a review of Aspen's continuous disclosure record by the Ontario Securities Commission. In particular, the March 31, 2001 interim financial statements now include the June 30, 2000 balance sheet along with the comparative March 31, 2000 statement of cash flows; the audited financial statements for the year ended June 30, 2001 now include the June 30, 2000 comparative balance sheet; and the September 30, 2001 quarterly interim financial statements now include the June 30, 2001 balance sheet. In addition, each of the financial statements now include a note that there are no material differences following a reconciliation of the financial statements presented under United States Generally Accepted Accounting Principals versus Canadian Generally Accepted Accounting Principals. http://tse.globeinvestor.com/servlet/WireFeedRedirect?cf=GlobeInvestor/tse/config&date=20020321&...
Many shareholders have considered Jack to be ‘distracted’ as of late because of his aggressive acquisition mode, I would think the OSC query also had something to do with his recent performance.
The 2002 analyst targets from SEPAC I believe would reflect concessions to the OSC, if any, therefore the targets are an indication of where we are now, and that ain’t bad. Jack is doubling our production this year with a projected cash flow of $0.32 per share, although he still has issues to deal with regarding reducing operating and G&A costs and elimination of debt. All in all it looks like he is refocusing and we are starting to get the old Aspen back, a little wiser because we all have a higher authority to answer to and sometimes that is only a matter of proving your innocence. I hope that is what happened, but let me make it clear I don’t know.
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