Asian Citrus Holdings Ltd Announcement (5757Z)

TIDMACHL

RNS Number : 5757Z

Asian Citrus Holdings Ltd

15 March 2017

 
 For immediate release   15 March 2017 
 

Asian Citrus Holdings Limited

("Asian Citrus" or the "Company")

Announcement

Reference is made to the Company's announcement dated 29 September 2016 (the "Announcement") in connection with the delay in publication of its annual results and annual report. Unless otherwise defined herein, capitalised terms used hereunder shall have the same meanings as those defined in the Announcement.

The Company has been taking active steps to obtain relevant information from the relevant Group members in the PRC in order to clarify the allegations made by Mr. Man and Mr. DQ Chen as referred to in the Announcement, and to facilitate the additional audit procedures required by its auditors. As at the date of this announcement, the Company has not been successful in obtaining all required information.

In light of the above, the Company is considering its options and has initiated formal legal procedures to change the relevant senior management members of the relevant subsidiaries. The implementation of such changes may take time should there be resistance from the personnel concerned (for example, if legal proceedings ensue as a result).

The Company will continue to update its shareholders through its monthly update announcements.

Trading in the shares of the Company on the Hong Kong Stock Exchange and AIM will remain suspended pending the release of the Group's annual results.

This announcement contains inside information for the purpose of Article 7 of Regulation (EU) No 596/2014.

For further enquiries please contact:

 
                                      +852 3951 
 Asian Citrus                          0000 
 Emma Ng (Chief Financial Officer and Company 
  Secretary) 
 
 Cantor Fitzgerald Europe (NOMAD      +44 (0) 20 
  and Broker)                          7894 7000 
 Rick Thompson/David Foreman/Michael Reynolds 
  (Corporate Finance) 
 
                                      +44 (0) 20 
 Weber Shandwick Financial             7067 0700 
 Nick Oborne, Stephanie Badjonat, Tom Jenkins 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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(END) Dow Jones Newswires

March 15, 2017 09:54 ET (13:54 GMT)