Suspension request

 

TIDMFCOM 
 
RNS Number : 0230P 
First Communications, Inc. 
18 March 2009 
 

 
 
 
 
Suspension request 
 
 
First Communications, Inc. (the "Company") wishes to announce that it has become 
aware that there has been a potential material misstatement in its historical 
financial results as a result of accounting irregularities. While the Company is 
still investigating this with its newly appointed auditors, Ernst & Young, the 
Company currently believes that there is a high degree of likelihood that its 
historical results for the six month period ended 30 June 2008 were materially 
inaccurate, resulting in an overstatement of its results of operations in such 
period. The Company will also be investigating whether the results for other 
historical periods may have been misstated. 
 
 
On becoming aware of the situation, the Board has taken immediate steps to 
ensure that its financial procedures are supplemented and a forensic team from 
Ernst & Young is currently investigating its accounts in order to determine the 
extent of the misstatement. In addition, the Company is in discussions with its 
key stakeholders, including its banks. 
 
 
As a result, the Company has requested that a suspension of trading in its 
shares on AIM takes place with immediate effect, while this investigation takes 
place. The Company will provide an update to shareholders as soon as it is able, 
once the investigation has sufficiently progressed. 
 
 
For further information: 
 
 
First Communications, Inc. 
Joe Morris        Tel [phone] 
 
 
Collins Stewart Europe Limited - Nominated Adviser and Broker 
Stewart Wallace     Tel: [phone] 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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