The company is to release by May 1 its unaudited financial statements for fiscal 2018 ended Dec 31, and hold the AGM by June 30. The annual report is to be despatched at least two weeks before the AGM.The unaudited financial statements for the quarter ended March 31, 2019 will need to be released by July 15.
SGX-ST’s extensions of time are subject to Ayondo submitting a written confirmation that it is not aware of any information that will have a material bearing on investors’ decisions. The group sought more time to release its results because it had to expend additional resources and personnel from its financial team to assist with queries about a subsidiary’s compliance with UK regulatory requirements.
Ayondo had earlier proposed to dispose of the subsidiary - 99.91 per cent-owned Ayondo Markets Limited - but on Tuesday the Singapore Exchange’s regulation unitThe group’s auditors, Ernst & Young LLP, have also said they needed more time to complete necessary procedures for preparing the FY18 results, because of the complexity and accounting considerations under the audit review.
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