Source - RNS
RNS Number : 5007J
Aquatic Foods Group PLC
29 June 2017
 

 

 

Press Release

29 June 2017

 

 

Aquatic Foods Group Plc

 

("Aquatic Foods" or "AFG" or the "Group" or the "Company")

 

Annual accounts and suspension of trading

 

Aquatic Foods Group Plc (AIM: AFG), a leading Chinese marine foods and seafood processor and producer supplying to export and local markets announces that the Company expects that it will not be in a position to publish its audited report and accounts for the year ended 31 December 2016 by 30 June 2017 in accordance with Rule 19 of the AIM Rules for Companies. As a result trading in the Company's shares shall therefore be suspended from trading on AIM pursuant to AIM Rule 40 pending publication of the accounts. The suspension will commence at 7.30 a.m. today.

Work to complete the Company's audit and accounts is substantially complete with audited results and cash balances expected to be in line with the Company's trading update for the year ended 31 December 2016 which was announced on 20 March 2017. While the Group maintains a strong cash balance, the Company has faced continued difficulties in remitting funds from its operating entities in China to the Jersey holding company resulting in the delay of payments to a number of parties whose assistance is required for the finalisation of the audited accounts. The Board is putting short term measures in place, through the provision of directors loans to the Jersey holding company, to ensure that these critical payments are made in order for the accounts to be released as soon as possible but it is expected that a number of parties including the Company's Directors and Nominated Adviser will still be owed fees by the Company.

The Company's Directors are seeking to establish a framework for ensuring that ongoing UK expenses can be met in a timely manner going forward notwithstanding more stringent cross border fund remittance control by the PRC State Administration of Foreign Exchange (SAFE) which the board understands to have been prevalent of late. Until the resolution of matters relating to the ongoing transfer of funds from the Group's operating subsidiaries to the Company, the Directors have determined not to declare further dividends and do not currently intend to declare a final dividend in respect of the year ended 31 December 2016.

The Company anticipates that its accounts will be published during July and will provide further updates as appropriate in relation to the UK payments situation and publication of the report and accounts.

Notwithstanding the suspension of trading in the ordinary shares, the Company will continue to make announcements as and when there are any developments that require announcement under the AIM Rules. 

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

- ENDS -

For further information:

Aquatic Foods Group Plc

Tel: +44 (0)7706 814 895

Po Ling Low, Finance Director

[email protected]

 

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Tel: +44 (0) 20 3

www.spangel.co.uk

Stuart Gledhill / Robert Wooldridge

 

 

Media enquiries:

Abchurch

Tel: +44 (0) 20 7398 7700

Julian Bosdet / Jenny Lee / Alejandra Campuzano

www.abchurch-group.com

 

[email protected]

www.aquatic-foods.com. 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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