CyanConnode Holdings PLC Change of Auditor and Financial Year End (2703W)

TIDMCYAN

RNS Number : 2703W

CyanConnode Holdings PLC

10 December 2019

10 December 2019

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Change of Auditor and Financial Year End

CyanConnode (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that RSM UK Audit LLP has been appointed as the Company's External Auditor.

The QCA Corporate Governance Code recommends that the Audit Committee reviews the length of tenure of their external audit firm and when the audit contract should be put out to tender. As no tenders have been carried out since 2003, the Audit Committee felt it appropriate for one to be carried out.

Following this tender process and Board review, RSM UK Audit LLP has been appointed as the Company's External Auditor for the financial period ending 31 March 2020. This appointment is subject to approval by the Company's shareholders at the next Annual General Meeting to be held in 2020. Deloitte LLP, the Company's previous External Auditor, did not participate in this tender and has confirmed to the Company that there are no matters connected with it ceasing to hold office which need to be brought to the attention of the members or creditors of the Company, for the purposes of section 519 of the Companies Act 2006. The Board would like to extend its appreciation to Deloitte LLP for its many years of service.

As part of continued operational efficiency and cost management, the Audit Committee has reviewed the alignment of the Company's financial year end with that of its Indian subsidiary, CyanConnode Private Limited. The Committee concluded it rational and more practical to use the financial year end of its Indian subsidiary, being 31 March. The year end of its Swedish subsidiaries will also be changed to 31 March to align with the rest of the Group. Consequently, the Company also announces that it will be changing its accounting reference date and financial year end from 31 December to 31 March.

Therefore, the Group's next three financial reporting events will be as follows:

(i) Publication of unaudited interim accounts for the six-month period ended 31 December 2019 - by 31 March 2020;

(ii) Publication of audited accounts for the fifteen-month period ended 31 March 2020 - by 30 September 2020; and

(iii) Publication of unaudited interim accounts for the six months ended 30 September 2020 - by 31 December 2020.

- Ends -

Enquiries:

 
 CyanConnode Holdings plc                       Tel: [phone] 
                                                 060 
 John Cronin, Executive Chairman                www.cyanconnode.com 
 
 Arden Partners Plc (Nomad and Broker)          Tel: [phone] 
                                                 5900 
 Paul Shackleton / Dan Gee-Summons (Corporate 
  Finance) 
  Simon Johnson (Corporate Broking) 
 Yellow Jersey PR (Financial PR)                Tel: [phone] 
  Sarah Hollins/ Annabel Atkins                  [e-mail] 
 About CyanConnode 
  CyanConnode (AIM:CYAN.L), is a world leader in Narrowband 
  Radio Frequency (RF) Smart Mesh Networks, which are used for 
  machine to machine (M2M) communication. As well as being self-forming 
  and self-healing, CyanConnode's RF Smart Mesh Networks are 
  designed for rapid deployment, whilst giving exceptional performance 
  and competitive total cost of ownership. 
  In June 2018, CyanConnode launched its award-winning Omnimesh 
  Advanced Metering Infrastructure (AMI) platform, which has 
  already gained considerable commercial traction, especially 
  in India which is a key market for the Company. 
  Through a Global partner eco-system, which is vendor agnostic, 
  CyanConnode has several routes to market, therefore it is 
  well positioned to capitalise upon increasing Global demand 
  for smart metering solutions. 
 
  For more information, please visit www.cyanconnode.com. 
 
  The information communicated in this announcement is inside 
  information for the purposes of Article 7 of Regulation 596/2014. 
 

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December 10, 2019 02:00 ET (07:00 GMT)