Asian Citrus Holdings Ltd Update on Annual Report (5818O)

TIDMACHL

RNS Number : 5818O

Asian Citrus Holdings Ltd

08 November 2016

 
 For immediate release   8 November 2016 
 

Asian Citrus Holdings Limited

("Asian Citrus" or the "Company")

Announcement

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

As stated in the Announcement, given the allegations referred to therein received by the Group's auditors, the auditors were of the view that there is a need to reinforce their audit procedures and implement wider and more extensive tests on audit sampling in order to allow it to form its audit opinion on the Group's consolidated financial statements for the year ended 30 June 2016.

Since the date of the Announcement, the Directors have initiated communications with Mr. Man and Mr. DQ Chen with a view to clarifying details in connection with the allegations made by them. As at the date of this announcement the Board continues with its efforts to clarify the nature of these allegations and in the meantime the Company has also engaged and is taking legal advice from its PRC legal advisers in connection with the current circumstances.

In light of the above and the ongoing work being performed, the Group is not in a position to confirm the date when the Group's audited consolidated financial statements for the year ended 30 June 2016 can be made available. The Company will make a further announcement as soon as there is material progress on this front.

Trading in the shares of the Company on the Hong Kong Stock Exchange will remain suspended pending the release of the Group's annual results. Trading in the shares of the Company on AIM will also remain suspended pending an announcement clarifying the financial impact pertaining to the allegations, if any.

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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November 08, 2016 03:00 ET (08:00 GMT)