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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Alpha Airports | LSE:AAP | London | Ordinary Share | GB0000281328 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 109.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7571C Alpha Airports Group PLC 10 May 2006 Alpha Airports Group PLC (the "Group") Introduction Further to the announcement made on 25 April 2006, the issues that led to the suspension of the Group's listing are described in more detail below. Current Trading * The circumstances which gave rise to the withdrawal by PricewaterhouseCoopers LLP ("PwC") of its approval of the preliminary results announcement for the year ended 31 January 2006 of the Group did not derive from any concern about the Group's cash position. * The Group continues to trade in the ordinary course. It is in regular and open discussions with its bankers, who are continuing to make available credit to the Group under its main banking facility and who have indicated that it is their present intention to continue to support the Group. There are significant reserves of stock in the Group available and ready for the important summer season. The Group continues to pay all of its suppliers and other creditors in full as they fall due. Summary of the issue * The issues involved in connection with PwC's withdrawal of approval relate to the Group's contractual arrangements with a customer entered into in October 2005. The issues are: * The Group entered into new contractual arrangements with the customer which purported to make material changes to the structure of the commercial dealings between the Group and the customer in 2005/6, but did not significantly change the amounts payable to the Group in its financial year. Material aspects of these new arrangements may not have been intended to have proper commercial effect and so there is a question about whether they were genuine transactions. * By entering into the new commercial arrangements in October 2005 with the customer, the Group consciously assisted that customer to put itself in a position in which it might have been able to manipulate its own financial statements in circumstances in which the customer's parent company was preparing for an initial public offering. The Group does not know whether or not the customer's financial statements were in fact manipulated. If those financial statements were manipulated, and depending on all other relevant factual circumstances, claims may or may not be brought against the Group. If any valid claim were to be brought, the Group would seek to pursue its own claims against third parties. * PwC have expressed the view that at some stages in communications between certain senior personnel in the Group and PwC, the true effect of the new contractual arrangements was misrepresented to PwC. * In view of the seriousness of the issues, following the suspension of the listing, the Board established a Special Committee of two non-executive directors with the full powers of the Board itself to look into and deal as they see fit with all related matters. As a first step, the Special Committee instructed an independent law firm to investigate the matters fully. * Preliminary conclusions with regard to the first and second issues are that they do give rise to valid concerns. It also appears that in entering into these arrangements those responsible considered them to be in the best interests of the Group because the arrangements also involved a long term contract. They believed they took appropriate professional advice as to the consequences for the Group and appear to have received no personal gain. Review of the Group's financial statements * The Special Committee is currently in discussions with PwC about whether and on what basis they should review and express an opinion on the Group's financial statements. * The Group has received all cash payable to it in respect of the financial year ended 31 January 2006 from the relevant customer. * The total receipts related to the contractual arrangements under investigation were approximately #7.5 million in that financial year, which have been received in full. The final accounting treatment of the arrangements with the customer remains to be resolved. Further announcements Further announcements will be made in due course and in any event when a conclusion has been reached as to the process for completing the audit of the Group's financial statements and when it may be possible to lift the suspension of trading in the Group's shares. 10 May 2006 Enquiries: College Hill 020 7457 2020 Mark Garraway Stephen Davie This information is provided by RNS The company news service from the London Stock Exchange END SRSBSGDUSUBGGLG
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