Thursday, May 24, 2018 / 02:55PM / NSE
The Management of Royal Exchange Plc regrets to inform our esteemed shareholders, key stakeholders and the investing community that we are unable to file our audited financial statements for the year ended December 31, 2017 within the extended due date of May 31, 2018 as approved by The Nigerian Stock Exchange (“The Exchange”), which was published in the Guardian Newspaper of May 2, 2018 and The Daily Trust Newspaper of May 3, 2018 respectively.
The failure to finalize our audited financial statements for the period ended December 31, 2017 has also resulted in the non-submission of our unaudited financial statements for the period ended March 31, 2018.
The unpredicted delay is as a result of the on-going regulatory accounts verification process of our insurance subsidiaries at the National Insurance Commission (“NAICOM”)
The Management of Royal Exchange Plc did not envisage that the process would be prolonged beyond the earlier granted extended date. However, our external auditors and the Company's management are working hard to hasten the process at NAICOM and are optimistic that this would be concluded shortly.
The Company upon approval of the subsidiaries' accounts at NAICOM is expected to consolidate its group financials which would be considered and approved by the Board of Directors of the company for onward submission to The Exchange and Securities and Exchange Commission (SEC).
We are optimistic that we will submit the audited financial statements for the year ended December 31, 2017 and the unaudited financial statements as at March 31, 2018 to the Exchange on or before July 31, 2018.