CORNERST Notifies of Delay in Filing its 2018 Unaudited Financial Statements

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CORNERST Notifies of Delay in Filing its 2018 Unaudited Financial Statements

Monday, April 01, 2019 06:40PM / NSE

 

Cornerstone Insurance PLC wishes to bring to the notice of its shareholders and the investing public, that there might be a delay in filing its Unaudited Financial Statements for the First Quarter ended 31st March, 2019 (Q1 2019 UFS) as required by the Nigerian Stock Exchange (The Exchange) within the regulatory timeline of 30th April, 2019. 

Cornerstone’s inability to file its Q1 2019 UFS within the regulatory timeline is because the Company is yet to file its Audited Financial Statements (AFS) for the year ended December 31, 2018, which is a prerequisite for filing of the Unaudited Financial Statements via The Exchange’s Issuers’ Portal. 

As explained in our press release dated March 5, 2019 which was uploaded via The Exchange’s Issuers’ Portal, the delay in submitting the Company’s 2018 AFS was occasioned by the procedural requirement to have the Audited Financial Statements of FIN Insurance Company Limited, a subsidiary of the Company, reviewed and approved by the National Insurance Commission (NAICOM) before the 2018 AFS of Cornerstone could be forwarded to NAICOM for review and approval. In view of this, the Company has not been able to file its 2018 AFS with NAICOM for approval.

Consequently, Cornerstone sought and obtained extension of time from The Exchange to file its 2018 AFS on or before 30th  June, 2019 and will therefore not be able to file its Q1 2019 UFS as a result of the foregoing. 

Cornerstone Insurance PLC apologizes for this delay and assures its shareholders and all stakeholders that its UFS for the 2019 First Quarter will be available for filing as soon as the Company obtains approval from NAICOM and file its 2018 AFS with The Exchange.


 

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