An article last week titled 'Firms opt for Aussie rules' contained errors. A statement from KPMG implied that Feltex had not obtained a negative assurance report from its auditor of the type recommended in the article. In fact, although it was not legally obliged to do so, the Board of Feltex asked for and received such a report from its auditor. KPMG regret any implication in the statement and apologise to the former Directors of Feltex.
The article also incorrectly stated that Feltex had missed the profit forecasts contained in the prospectus issued in conjunction with its Initial Public Offering. Feltex met its forecast but not its projections. The Herald regrets the error, and apologises to the former directors of the company.