PRESCO Announces Delay in Filing of the Company’s 2018 AFS

Proshare

Wednesday, May 8, 2019 03:00PM / NSE

 

Further to our announcement of 1 April 2019, notifying the general public that Presco Plc (Presco or the Company) will not be able to file its 2018 Audited Financial Statements within the regulatory timeline of 31 March 2019 the Company hereby advises its esteemed shareholders and other stakeholders that it was unable to submit the 2018 audited financial statements by 30 April 2019 as contained in the earlier announcement. Consequently, the Company was not able to file its 2019 first quarter unaudited financial statements to The Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) within the time frame required by the regulatory agencies.

This was not anticipated as the Company has expected to finalize and publish its 2018 audited financial statements on or before the extended timeline of 30 April 2019 and its 2019 unaudited financial statements for the first quarter ended 31 March 2019 on or before April 30 2019. The delay is as a result of issues relating to biological assets valuation. The biological assets valuation experts engaged to value our biological assets have not concluded the peer review of the valuation. Consequently, Presco Plc require a couple of weeks to finalize all actions required to sign off on the biological assets valuation as at December 31, 2018 and as at March 31, 2019.

The expected filing date for both financial statements is on or before May 31, 2019.

 

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Graph 1: Presco Plc – One Year Share Price Movement

 

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Table: Unaudited Q3 2018 Results

 

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