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DEAPCAP - Late Rendition of the 2013 & 2014 Audited Accounts to the NSE

Proshare

Thursday/ August 17, 2017/ 5:10 PM /NSE

Deap Capital Management & Trust (“the Company” or “Deap Capital”) wishes to notify the Nigerian Stock Exchange (NSE), its valued Shareholders and other Stakeholders of the company that the 2013 and 2014 Audited Accounts are ready and have been filled with the Nigerian Stock Exchange and to explain why the Audited Accounts were submitted late to the exchange.

The principal reason for the lateness of the accounts was due to the intervention of the Securities & Exchange Commission (SEC) in the management of the Deap Capital on May 7, 2014 through which means they set up an Interim Management Team (IMT) for the Company. The IMT was in the company for a period of 15 months from that date till May 2015 when the SEC handed over the management of the Company to the current board and the management which was the aftermath of the Extraordinary General Meeting for the Company. 

It took the new board and management some time to settle down in the Company, since most of the staff had left the Company after the SEC intervention and the process of preparation of audited accounts of the company for the two years which had passed before the management came in had to be undertaken by a new management team of the Company. 

As of date, two accounts have been prepared, approved by the board and filled with the Stock Exchange. We expect the 2015 and 2016 to be ready in the next few weeks. The delay experienced in filling them arose due to the backlog of work associated with the accounts for 2013 and 2014. 

We expect to be up to date with the filling of our quarterly management accounts with the NSE as soon as these backlogs of Audited Account have been rendered to the market. 

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